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Press Releases 2020

Principal advises PAREF Gestion on acquiring two retail properties for NOVAPIERRE ALLEMAGNE 2 fund

NEWS, 2020

Frankfurt am Main, 6 August 2020 − Principal Real Estate Europe, Principal Global Investors’ European platform for real estate investments, acting as asset and transaction manager of the SCPI NOVAPIERRE
Allemagne 2 Fund managed by PAREF Gestion, has advised on the acquisition of two retail properties.

The first is a toom DIY centre in Hanover. The vendor of the property is one of the funds managed by MCAP Global Finance, a European subsidiary of New York-based Marathon Asset Management.

The asset is situated in the Brink Hafen commercial area, in the north of Hanover. The lettable area totals around 13,000 square metres. The extension of the lease to toom was pre-negotiated by JLL, in the scope of an asset management instruction. The lease now has an unexpired term of more than ten years. Law firm DLA Piper UK LLP advised the purchaser side on legal matters, while the Wirfs practice acted for the vendor. Orange Recon carried out the technical due diligence for the purchaser, x-project for the vendor. Brokerage firm Savills was responsible for the marketing.

The second property is a shopping centre in Torgau, Saxony, which was sold by the DC Cheyne Deutsche Fond XI S.C.S. fund, managed by OEH Advisory.

The property, at Am Aussenring 1, has a lettable area of 26,300 square metres. Originally constructed in 1993, it was restructured and comprehensively refurbished in 2017/18. The occupiers include Kaufland, Obi and a dm drugstore. The weighted average unexpired lease term (WALT) is 10.9 years. Mayer Brown LLP advised the purchaser on legal issues, with Duff Phelps REAG GmbH advising on technical matters. JLL and GÖRG Partnerschaft von Rechtsanwälten mbB provided consultancy services for the vendor.

The parties to both transactions agreed not to disclose the purchase price.

Novapierre Allemagne 2, recently launched as a successor product to the Novapierre Allemagne fund, has therefore been able to realise its first three investments in the retail sector very rapidly.

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Principal contact for further information:

  Paul H. Muno

Principal Real Estate Europe
T +49 69 50 50 66 930

muno.paul@principalreeurope.com

Principal contact for further information:

Arne Degener

Targa
T +49 30 577 01 42 43

ad@targacommunications.de

Notes for editors:

Principal Real Estate Europe

Principal Real Estate Europe is part of Principal Financial Group’s dedicated real estate business, Principal Real Estate Investors, which manages or sub-advises $83.9 billion in real estate assets globally (as of June 30, 2020). The group’s real estate capabilities cover all four quadrants encompassing public and private, equity and debt investment solutions. In Europe, Principal Real Estate Europe operates from offices in London, Frankfurt, Amsterdam, Paris, Lisbon, Luxembourg, Madrid and Milan, employing more than 100 staff who manage real estate across all asset classes in nine different countries.

Principal Global Investors
Principal Global Investors® leads global asset management at Principal®. As a multi-boutique firm, we bring a focused perspective and offer expertise across a host of asset classes. At our core, we are driven by our purpose to help investors and businesses achieve their financial goals. Our global investment professionals deliver investment solutions for public and private pension funds, foundations and endowments, central banks, insurance companies, sub-advisory arrangements, sovereign wealth funds and individual portfolios. Principal Global Investors manages approximately $486.5 billion in assets on behalf of over 800 institutional clients located in over 80 markets as well as retirement plans and individual clients, reflecting our worldwide market reach and experience and our commitment to high-quality research and service (as of June 30, 2020).

To find out more, visit us at principalglobal.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 December 31, 2019, Paref Gestion had nearly €1.6 billion of assets under management.

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