Principal Real Estate Europe has bought a German shopping centre on behalf of the SCPI Novapierre Allemagne Fund, which is managed by French fund manager PAREF Gestion.
Principal said it has acquired the TraunPassage Shopping Centre in Traunreut from MEAG Munich ERGO for an undisclosed sum.
Located at Werner-von-Siemens-Strasse 2 on a 23,600sqm plot of land, the TraunPassage is a local shopping centre with a total lettable area of 13,550sqm.
The asset was constructed in 1995 and refurbished in 2015, the property includes 419 car parking spaces.
