French property management company PAREF Gestion has acquired a retail warehouse portfolio in Germany on behalf of its SCPI Novapierre Allemagne Fund.
The vendor of the real estate portfolio is a special mandate managed by PGIM Real Estate. Financial terms of the deal were not disclosed.
Principal Real Estate Europe, which manages some $78.6 billion in real estate assets globally as of March 31, acted as asset and transaction manager for the acquisition.
The retail portfolio consists of six retail properties, three of which are in Bavaria, two are in North Rhine–Westphalia, and one is situated in Nienburg, Lower Saxony, according to a statement by Principal. The assets are virtually fully leased and have a total rentable area of around 47,500 square meters (511,285 square feet). Major tenants include Obi, Toom, Hagebau, Tedox, Lidl and Müller.
Following the acquisition of this portfolio, Novapierre Allemagne Fund is fully invested, having acquired 62 p
