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Credit: Novapierre

SCPI Novapierre Allemagne acquires four retail parks in Frankfurt, Germany

The SCPI Novapierre Allemagne fund, managed by PAREF Gestion and advised by Principal Real Estate Europe, has acquired a portfolio of four retail warehouse centres with convenience shopping potential in the south-western surroundings of Frankfurt.

The centres, in Alsbach (2 assets), Bischofsheim and Bürstadt, provide a total lettable area of 9,800 sq m. The current vacancy is 10% and the weighted average unexpired lease term (WALT) is 4.5 years. The major anchor tenants are Alnatura, Penny, Shoe4You and KiK. Novapierre Allemagne (launched in January 2014) has now successfully closed 54 assets with €495m of acquisitions in Germany. Curtis, Mallet-Prevost, Colt & Mosle LLP provided legal advice to the purchaser. The vendor was advised by HauckSchuchardt. The technical consultant was Duff & Phelps REAG GmbH. Grüneberg Property GmbH brokered the deal.