Principal Real Estate Europe, acting as asset and transaction manager of the SCPI Novapierre Allemagne fund managed by Paref Gestion, has advised on the acquisition of a retail warehouse portfolio in Germany.
The vendor of the real estate portfolio is a special mandate managed by PGIM Real Estate. Financial details were not disclosed.
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 47,500 m2. Major tenants include Obi, Toom, Hagebau, Tedox, Lidl and Müller and the weighted average unexpired term of the existing leases is 8.6 years.
Following the acquisition of this portfolio, the fund is fully invested, having acquired 62 properties which represent €582 mln of assets under management. According to the firm, a successor product, Novapierre Allemagne 2, has already been launched and acquired its first property.
Law firm DLA Piper UK LLP advised the purchaser, while the Beiten Burkhardt practice acted for the vendor. Duff & Phelps REAG carried out the technical due diligence. Brokerage firm Blank Real Estate GmbH & Co facilitated the transaction.
