Principal snaps up German retail warehouse

Global asset manager Principal, acting on behalf of French fund manager Paref Gestion, has bought a retail warehouse in Germany's Erz Mountains in an off-market transaction.

Financial details were not disclosed.

The asset was acquired for the Novapierre Allemagne fund from a family business. It is located along the German border with the Czech Republic.

The retail investment, at Pflockenstrasse 28, was built in 1994 and comprises a lettable area of 15,150 m2.

The anchor tenants are Edeka and a Leitermann DIY centre, alongside some smaller retailers and café/restaurant operators. The weighted average unexpired term of the existing leases is around 8.2 years, Principal said.

Law firm GSK Stockmann provided legal advice for the purchaser, while Bayern Treuhand Rechtsanwaltsgesellschaft acted for the vendor.

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