Credit: JLL

Principal advises PAREF Gestion on acquiring two retail properties for NOVAPIERRE ALLEMAGNE 2 fund

Principal Real Estate Europe, Principal Global Investors’ European platform for real estate investments, acting as asset and transaction manager of the SCPI NOVAPIERRE
Allemagne 2 Fund managed by PAREF Gestion, has advised on the acquisition of two retail properties.

The first is a toom DIY centre in Hanover. The vendor of the property is one of the funds managed by MCAP Global Finance, a European subsidiary of New York-based Marathon Asset Management.

The asset is situated in the Brink Hafen commercial area, in the north of Hanover. The lettable area totals around 13,000 square metres. The extension of the lease to toom was pre-negotiated by JLL, in the scope of an asset management instruction. The lease now has an unexpired term of more than ten years. 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 property, at Am Aussenring 1, has a lettable area of 26,300 square metres. 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 GmbH advising on technical matters. JLL and GÖRG Partnerschaft von Rechtsanwälten mbB provided consultancy services for the vendor.

The parties to both transactions agreed not to disclose the purchase price.

Novapierre Allemagne 2, recently launched as a successor product to the Novapierre Allemagne fund, has therefore been able to realise its first three investments in the retail sector very rapidly.

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