Principal Real Estate acquires German shopping mall
Principal Real Estate Europe (PrinREE) has purchased a German shopping mall on behalf of the SCPI Novapierre Aallemagne Fund managed by PAREF Gestion, a property management company in Paris.
On July 30, media sources reported that PrinREE purchased the asset from German asset management company Meag Munich Ergo for an undisclosed sum.
Sitting on a 23,600-square-meter (23,600-square-foot) plot of land, the TraunPassage Shopping Center is located in Traunreut, Germany, and has a total lettable area of 13,550 square meters (145,850 square feet) and features 419 parking spaces.
It has a 95 percent occupancy rate and is anchored by Rewe, Muller, C&A, and Adler. The current leases have an unexpired term of around 8.3 years.
It was constructed in 1995 and refurbished in two decades later.
PrinREE is part of Principal Financial Group’s dedicated real estate business, Principal Real Estate, which manages or subadvises $79.2 billion in real estate asse