Principal, Paref launch German core-plus retail fund

US-based Principal Financial's European arm has joined forces with French asset manager Paref Gestion to launch a new German investment fund for institutional and private investors, Novapierre Allemagne 2.

The vehicle, the second in the SCPI Novapierre series of funds, will focus on retail assets in Germany with a core-plus risk profile. The targeted fund volume as well as targeted returns remain confidential, according to a company spokesperson.

Principal and Paref have completed over 50 transactions together on behalf of their first fund, Novapierre Allemagne I, said Guillaume Masset, head of transactions and asset management Europe, at Principal Real Estate Europe. 'This partnership is the perfect illustration of the DNA of our pan-European investment management platform, which offers cross-border solutions to our clients and a hands-on management approach,' he added.

Ole Sichter, head of Transactions Germany for Principal Real Estate Europe, commented: 'With one of the lowest rates of unemployment and highest per capita levels of purchasing power in Europe, the fundamentals supporting the German retail real estate sector remain strong, especially for retail warehouses. With Novapierre Allemagne II, we will work closely with PAREF Gestion to employ the same bottom-up approach to asset selection as we did for the first fund, targeting regions across where the underlying economy supports the income streams from high quality retail assets.'
 

 

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