Principal advises PAREF Gestion on the acquisition of a local shopping centre for NOVAPIERRE ALLEMAGNE 2 fund
Principal Real Estate Europe, Principal Global Investors' European platform for real estate investments, 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 AG. The parties have agreed not to disclose the purchase price.
The property concerned is the Hornschuch-Center in Fürth, 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 12,000 square metres, and is currently over 95 per cent let. The tenants include Edeka and Schuh Mücke.
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 7,300 square metres.
DLA Piper advised Principal on the legal aspects of the transaction. TA Europe acted as consultant on technical matters. The vendor was advised by JLL.
NOVAPIERRE Allemagne 2 SCPI, which was launched in 2019, primarily invests in German retail warehouses, retail warehouse centres and small shopping centres anchored by a food retailer. Its portfolio currently includes five properties.