French fund manager Paref Gestion has acquired two retail properties in Germany for its SCPI Novapierre Allemagne 2 Fund, with Principal Real Estate Europe advising on both transactions.
The first purchase is a DIY centre in Hanover, which was acquired from a fund managed by MCAP Global Finance, a European subsidiary of New York-based Marathon Asset Management.
The asset is situated to the north of Hanover and has a lettable area of around 13,000 m2. JLL negotiated an extension of the lease to more than 10 years with the occupier, DIY centre toom, prior to the transaction.
Law firm DLA Piper UK LLP advised the purchaser side on legal matters, while the Wirfs practice acted for the vendor. Orange Recon carried out the technical due diligence for the purchaser, x-project for the vendor. Brokerage firm Savills was responsible for the marketing.
The second property is a shopping centre in Torgau, Saxony, which was sold by the DC Cheyne Deutsche Fond XI S.C.S. fund, managed by OEH Advisory.
The asset has a lettable area of 26,300 m2. Originally constructed in 1993, it was restructured and comprehensively refurbished in 2017/18. The occupiers include Kaufland, Obi and a dm drugstore. The weighted average unexpired lease term (WALT) is 10.9 years.
Mayer Brown LLP advised the purchaser on legal issues, with Duff Phelps REAG advising on technical matters. JLL and G?rg Partnerschaft von Rechtsanwälten mbB provided consultancy services for the vendor.
The parties to both transactions agreed not to disclose the purchase price.
Paref Gestion, with nearly €1.6 bn of assets under management at end-2019, is a subsidiary of Euronext Paris-listed Paref. Novapierre Allemagne 2 was launched recently as a successor vehicle to the Novapierre Allemagne fund, and has carried out three investments in the German retail sector to date.
