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Citypark Velbert, Credit: Principal Real Estate Europe

Novapierre Allemagne SCPI buys 11,800 sq m retail warehouse center in Velbert

SCPI Novapierre Allemagne fund, advised by investment manager Principal Real Estate Europe and managed by asset manager PAREF Gestion, has acquired a retail warehouse and local shopping center in Velbert, North Rhine-Westphalia, Germany.

The complex of several buildings at Friedrichstrasse 303-311 includes an Aldi supermarket built in 2015, a MediaMarkt home electronics warehouse, a medical centre and other retail buildings. Standing on a 23,200 sq m site, it provides a total lettable area of 11,800 sq m.

The complex has a vacancy rate of only 5% and a weighted average unexpired lease term of seven years. The vendors are private investors. Curtis, Mallet-Prevost, Colt & Mosle LLP provided legal advice to the purchaser and the vendors were advised by Breidenbach Rechtsanwälte GmbH. The technical consultant was Duff & Phelps REAG GmbH. JLL brokered the deal.

With a population over 84,000, Velbert is at the interface between the Dusseldorf, Essen and Wuppertal economic conurbations. The retail warehouse center has a catchment population of around 50,000 living within five minutes’ drive. There are 264 surface parking spaces, six disabled parking spaces and 16 spaces in an underground car park.