French asset manager Paref Gestion's Novapierre Allemagne 2 SCPI fund has acquired a retail park in Giengen, Southern Germany, from a fund managed by the Hahn Group.
The parties have agreed to keep the purchase price confidential.
The fully let property at Riedstrasse 40 comprises around 13,600 m2 of lettable space. Built in 2008 and refurbished in 2019, the property is let to several tenants including OBI, dm, AWG, Action and Dänisches Bettenlager with a weighted average unexpired lease term (WALT) of around 9.6 years. It also offers 250 car parking spaces on a 31,000-m2 plot.
Principal Real Estate Europe acted as asset and transaction manager, advising Paref Gestion on the deal. Cushman & Wakefield and law firm Rotthege Wassermann acted for the vendor.
Novapierre Allemagne 2 SCPI, which was launched in 2019, primarily invests in German retail warehouses, retail warehouse centres and small shopping centres anchored by food retailers. Its portfolio currently includes five properties.