PAREF Gestion acquires 12,000 sqm Hornschuch-Center in Fürth, near Nuremberg

Principal Real Estate Europe, Principal Global Investors' European platform for real estate investments, acting as asset and transaction manager, has advised the NOVAPIERRE Allemagne II SCPI fund, managed by PAREF Gestion, on the acquisition of a retail property. The vendor is the listed HAMBORNER REIT AG. The parties have agreed not to disclose the purchase price.

The property concerned is the "Hornschuch-Center" in Fürth, near Nuremberg. The local shopping centre, at Gabelsbergerstrasse 1, was built in 1990 and extensively refurbished in 2015. On three levels, it provides a total lettable area of around 12,000 sqm, and is currently over 95% let. The tenants include Edeka and Schuh Mücke.

The weighted average unexpired term (WALT) of the leases on the property is around seven years. The property, which includes a 685-space multi-storey car park, stands on a site of approximately 7,300 sqm.

DLA Piper advised Principal on the legal aspects of the transaction. TA Europe acted as consultant on technical matters. The vendor was advised by JLL.

NOVAPIERRE Allemagne 2 SCPI, which was launched in 2019, primarily invests in German retail warehouses, retail warehouse centres and small shopping centres anchored by a food retailer. Its portfolio currently includes five properties.

Principal Real Estate Europe
Principal Real Estate Europe is part of Principal Financial Group’s dedicated real estate business, Principal Real Estate Investors, which manages or sub-advises $88.1 billion in real estate assets globally (as of December 31, 2020). The group’s real estate capabilities cover all four quadrants encompassing public and private, equity and debt investment solutions. In Europe, Principal Real Estate Europe operates from offices in London, Frankfurt, Amsterdam, Paris, Lisbon, Luxembourg, Madrid and Milan, employing more than 100 staff who manage real estate across all asset classes in nine different countries.

Principal Global Investors
Principal Global Investors® leads global asset management at Principal®. As a multi-boutique firm, we bring a focused perspective and offer expertise across a host of asset classes. At our core, we are driven by our purpose to help investors and businesses achieve their financial goals. Our global investment professionals deliver investment solutions for public and private pension funds, foundations and endowments, central banks, insurance companies, sub-advisory arrangements, sovereign wealth funds and individual portfolios. Principal Global Investors manages approximately $544.9 billion in assets on behalf of over 800 institutional clients located in over 68 markets as well as retirement plans and individual clients, reflecting our worldwide market reach and experience and our commitment to high-quality research and service (as of December 31, 2020).