Principal Real Estate Europe, acting as asset and transaction manager, has advised the NOVAPIERRE Allemagne II SCPI fund, managed by PAREF Gestion, on the acquisition of a retail property.
The vendor on the transaction was Hamborner REIT and the parties have agreed not to disclose the purchase price.
The property concerned is the “Hornschuch-Center” in Furth, near Nuremberg. The local shopping centre, at Gabelsbergerstrasse 1, was built in 1990 and extensively refurbished in 2015. On three levels, it provides a total lettable area of around 12,000sq m, and is currently over 95 per cent let. The tenants include Edeka and Schuh Mucke.
The weighted average unexpired term (WALT) of the leases on the property is around seven years. The property, which includes a 685-space multi-storey car park, stands on a site of approximately 7,300sq m.
