Principal Real Estate Europe and French real estate manager Paref Gestion have fully invested for a German retail fund following the acquisition of a portfolio of six retail warehouse assets.
Principal, acting as asset and transaction manager of the SCPI Novapierre Allemagne fund managed by PAREF, has advised on the acquisition of the portfolio from a special mandate managed by PGIM Real Estate.
Financial details were undisclosed.
Principal said three of the six retail properties (Coburg, Hassfurt and Naila) are in Bavaria, two (Erftstadt and Burscheid) are in North Rhine-Westphalia, and one is situated in Nienburg, Lower Saxony.
The assets, which are virtually fully-let, have a total lettable area of around 47,500sqm.
Following the acquisition of this portfolio, the fund is fully invested. It has acquired 62 properties which represent €582m of assets under management.
The successor SCPI Novapierre Allemagne 2 fund, launched in September last year, has already been launched and acquired its first property, Principal said.
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