PAREF Gestion acquires retail property in Giengen
Principal Real Estate Europe, acting as asset and transaction manager, has advised the Novapierre Allemagne 2 SCPI fund, managed by PAREF Gestion, on the acquisition of a retail property. The vendor is a fund managed by the Hahn Group. The parties have agreed not to disclose the purchase price.
The fully let property is a retail park in Giengen. The asset at Riedstrasse 40 comprises around 13,600 square metres of lettable space. Users of the property, which was built in 2008 and refurbished in 2019, include OBI, dm, AWG, Action and Dänisches Bettenlager.
The weighted average unexpired lease term (WALT) within the property is around 9.6 years. There are 250 car parking spaces available on the approximately 31,000 square metre plot belonging to the property.
The purchaser was legally advised by DLA Piper on the transaction. TA Europe provided technical support collaborating with TAUW as environmental advisor. Cushman & Wakefield and the law firm Rotthege Wassermann acted for the vendor.
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.