French fund manager Paref Gestion has completed two major investments on behalf of its SCPI Novapierre Allemagne 2 fund, with the acquisition of two shopping centres.
These acquisitions, advised by Principal Real Estate Europe, will enable the SCPI to invest almost all its available funds in parallel with the reopening of subscriptions from April 2021, the firm said.
Paref has picked up the Koningshoek shopping center in Maassluis, the Netherlands, in a €47 mln deal with Wereldhave. The fully refurbished and recently extended asset is 97% occupied with an average remaining lease term of over five years, with some of the centre's key retailers having leases in excess of 10 years.
In addition to contributing diversification into the Netherlands, Koningshoek is a high quality, customer-focused asset with over 4 million annual visitors and a BREEAM In-Use rating of 'Very Good', according to Paref.
The 20,000m2 shopping centre is in Maassluis, near Rotterdam in the Randstad region, and comprises 71 shops with a mix of international and local brands.
Paref has also acquired was a local shopping centre in Germany of approximately 12,000 m2 from Hamborner REIT. Financial details were not disclosed. The Hornschuch-Center is located in the centre of Fürth, a town bordering Nuremberg in Bavaria.
Offering a range of food, convenience and fashion retailers, plus good accessibility, the asset has a residual lease term of over seven years with an occupancy rate of over 95%.
Anne Schwartz, managing director of Paref Gestion said: 'The Koningshoek shopping centre is a unique opportunity: a high-quality asset, built and renovated with sustainability in mind, with excellent energy performance and a very good yield.
'It is therefore a very complementary acquisition to the one we are making at the same time on an asset on the immediate outskirts of Nuremberg, also of high quality with excellent tenants invested in the centre for the long term.
'The progress on these projects has confirmed our decision to reopen the subscription of the Novapierre Germany 2 SCPI in April and we are continuing our work on several new opportunities, all in Germany, which are at different stages of completion and which we hope will soon be integrated into the portfolio.'
Following on from the first vintage launched in 2014, Novapierre Allemagne 2 offers the opportunity to invest mainly in commercial property in Europe's 'leading markets', according to Paref.
