Principal Real Estate Europe, acting as asset and transaction manager, has advised the NOVAPIERRE Allemagne II SCPI fund, managed by PAREF Gestion, on the acquisition of a retail property. The vendor is the listed Hamborner REIT. The parties have agreed not to disclose the purchase price.
The property concerned is the "Hornschuch-Center" in Furth, near Nuremberg. The local shopping centre, at Gabelsbergerstrasse 1, was built in 1990 and extensively refurbished in 2015. On three levels, it provides a total lettable area of around 12,000m², and is currently over 95% let. The tenants include Edeka and Schuh Mucke.
The weighted average unexpired term (WALT) of the leases on the property is around seven years. The property, which includes a 685-space multi-storey car park, stands on a site of approximately 7,300m².