Asset manager Principal Real Estate Europe has acquired a retail warehouse and local shopping centre in Germany, acting on behalf of French fund manager Paref Gestion.
Financial details were not disclosed.
Situated in the town of Velbert, North Rhine-Westphalia, the property has been acquired for the SCPI Novapierre Allemagne fund from private investors.
According to Principal, 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 m2 site, it provides a total lettable area of 11,800 m2.
The complex has a vacancy rate of only 5% and a weighted average unexpired lease term of seven years.
Principal said that the retail warehouse centre has a catchment population of around 50,000 living within five minutes' drive. It is served by nearly 300 parking spaces.
Curtis, Mallet-Prevost, Colt & Mosle LLP provided legal advice to the purchaser and the vendors were advised by Breidenbach Rechtsanwälte.
The technical consultant was Duff & Phelps Reag.
JLL brokered the deal.