Principal Real Estate Europe, acting as asset and transaction manager, and Paref Gestion, fund manager of the SCPI Novapierre Allemagne, has acquired a retail property in Rostock, Germany, from a private investor. The parties agreed not to disclose the purchase price.
Located at Trelleborger Strasse 7, the asset, which was built in 1994, has a total lettable area of around 8,600m² and is let to a'toom' DIY centre on a long-term lease. The DIY centre benefits from easy access to public transport. It also boasts a parking facility for ca. 340 vehicles which can be accessed via the A19 motorway.
GSK Stockmann provided legal advice to the purchaser, with Duff & Phelps REAG responsible for technical matters. The vendor was advised by the Bender Harrer Krevet legal partnership.
