DLA Piper advises Principal Real Estate on acquisition of retail property for Novapierre Allemagne 2 fund

DLA Piper has advised Principal Real Estate Europe as asset and transaction manager of the Novapierre Allemagne 2 SCPI fund, managed by PAREF Gestion, on the acquisition of a retail park property. The vendor is a fund managed by the Hahn Group. The parties have agreed not to disclose the purchase price.

Built in 2008 and refurbished in 2019, the fully let retail park in Giengen, Germany, comprises around 13,600 square metres of lettable space. The weighted average unexpired lease term (WALT) within the property is around 9.6 years. There are 250 car parking spaces available on the approximately 31,000 square metre plot belonging to the property.

The Novapierre Allemagne 2 SCPI fund, which was launched in 2019, primarily invests in German retail warehouses, retail warehouse centres and small shopping centres anchored by a food retailer. Its portfolio currently includes five properties.

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 90.3 billion worldwide.

The DLA Piper team was led by Real Estate partner Christian Lonquich, and comprised Tax partner Dr Marie-Theres Rämer (both Frankfurt), senior associates Michael Ziegaus (Real Estate, Munich), Philipp Lorberg (Tax), associates Julian Jung, Tobias Bergner (both Real Estate) and Eda Altintas (Tax, all Frankfurt).