Principal buys retail parks in Hesse for Paref Gestion
Principal Real Estate Europe, acting as asset and transaction manager, has acquired a retail park in Herborn (Central Hesse) on behalf of the SCPI Novapierre Allemagne fund managed by Paref Gestion. The property at Untere Au 1-12 has roughly 16,700 sqm lettable space and is currently 95 % leased, tenants include a Herkules home improvement and gardening center, Lidl, Thomas Philipps, and Intersport. The WAULT is about nine years. The sellers of the property completed in 2005 are AEW and Kintyre. Kintyre was also responsible for the asset and property management and was exclusively advised on the transaction by NAI Apollo. The sellers received legal support from DLA Piper, Principal by the law firm of Mayer Brown.
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