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30 July 20191 minute read

DLA Piper advises Principal Real Estate on acquisition of German shopping center for NOVAPIERRE ALLEMAGNE Fund

DLA Piper has advised Principal Real Estate Europe, as asset and transaction manager of the SCPI NOVAPIERRE ALLEMAGNE Fund managed by PAREF Gestion, on the acquisition of the "TraunPassage" shopping center in Germany. The seller is MEAG MUNICH ERGO Kapitalanlagegesellschaft.

The "TraunPassage", built in 1995 and modernized in 2015, is located in Traunreut (Bavaria), about ten kilometers east of Lake Chiemsee. It is a local shopping center with approximately 13,550 square meters of leasable floor space. The building is 95 per cent occupied, with main tenants including Rewe, Müller, C & A and Adler. The weighted average unexpired lease term (WAULT) is 8.3 years.

Principal Real Estate Europe is part of Principal Real Estate Investors, the real estate arm of Principal Financial Group. Principal Real Estate Investors is responsible for managing and advising global real estate assets of USD 82.8 billion worldwide.

The DLA Piper team was led by Real Estate partner Christian Lonquich, and comprised Tax partner Dr Marie-Theres Rämer, Real Estate senior associates Carla Nicolai (all Frankfurt) and Moritz Mursa (Cologne) as well as Tax associate Eda Altintas (Frankfurt).