Novapierre Allemagne SCPI Buys 11,800 Square Metre Retail Warehouse Centre in Velbert
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PRESS RELEASE Novapierre Allemagne SCPI buys 11,800 square metre retail warehouse centre in Velbert Frankfurt am Main, September 2019 − SCPI Novapierre Allemagne fund, advised by investment manager Principal Real Estate Europe and managed by asset manager PAREF Gestion, has acquired a retail warehouse and local shopping centre in the town of Velbert, North Rhine-Westphalia. The complex of several buildings at Friedrichstrasse 303-311 includes an Aldi supermarket built in 2015, a MediaMarkt home electronics warehouse, a medical centre and other retail buildings. Standing on a 23,200 sq m site, it provides a total lettable area of 11,800 sq m. The complex has a vacancy rate of only 5% and a weighted average unexpired lease term (WAULT) of seven years. The vendors are private investors. Curtis, Mallet-Prevost, Colt & Mosle LLP provided legal advice to the purchaser and the vendors were advised by Breidenbach Rechtsanwälte GmbH. The technical consultant was Duff & Phelps REAG GmbH. JLL brokered the deal. With a population over 84,000, Velbert is at the interface between the Dusseldorf, Essen and Wuppertal economic conurbations. The retail warehouse centre has a catchment population of around 50,000 living within five minutes' drive. There are 264 surface parking spaces, six disabled parking spaces and 16 spaces in an underground car park. Principal Real Estate Europe Principal Real Estate Europe is part of the Principal Financial Group, which has global assets under management with a volume of USD 451.7 bn, including real estate assets amounting to USD 82.8 bn (as at June 30, 2019). The range of services includes public and private real estate investments as well as equity capital and financing solutions. Principal Real Estate Europe has offices in London, Frankfurt, Amsterdam, Paris, Lisbon, Luxembourg, Madrid and Milan, employing more than 100 staff. www.principalreeurope.com PAREF Gestion PAREF Gestion is a French leader in real estate investment and fund management, regulated by AMF. It creates and manages SCPIs and OPPCIs (funds in offices, retail, residential and leisure real estate buildings). PAREF Gestion is a subsidiary of PAREF, listed on the Euronext Paris Stock Exchange. As at June 30, 2019, PAREF Gestion managed on behalf of third parties €1,656 bn funds under management. Principal contact PAREF contact Press contact Paul H. Muno Samira Kadhi Andrew Barber Principal Real Estate Europe PAREF Gestion Targa Communications T +49 69 50 50 66 930 T +33 140 2986 86 T +44 20 8068 8941 [email protected] [email protected] [email protected] .