Principal Real Estate Europe acquires German retail warehouse center

Principal Real Estate Europe has acquired a retail warehouse center in Neuoelsnitz, Germany, on behalf of the SCPI NOVAPIERRE ALLEMAGNE Fund, managed by PAREF Gestion.

A purchase price was not disclosed for the off-market transaction.

Built in 1994, the investment comprises a lettable area of 15,150 square meters (163,000 square feet). The anchor tenants are EDEKA and a Leitermann DIY center, alongside smaller retailers and café and restaurant operators.

Principal Real Estate Europe is a subsidiary of Principal Real Estate Investors, which manages approximately $79.4 billion in real estate assets globally.