FUND 2: Principal Financial Helps French Investors Gain Access to German Real Estate
Posted on 09/21/2019
Principal Real Estate Europe, part of Principal Financial Group, and French real estate manager PAREF Gestion, agreed to form a second German retail real estate fund called SCPI Novapierre Allemagne 2. The fund aims to provide French investors access to core plus properties. SCPI Novapierre Allemagne I already acquired more than 50 properties.
Fund One Deals
On July 30, 2019, SCPI Novapierre Allemagne I acquired the TraunPassage Shopping Centre in Traunreut from MEAG Munich ERGO. The shopping center is located at Werner-von-Siemens-Strasse 2.
On June 11, 2019, SCPI Novapierre Allemagne I acquired a commercial park in Herborn, Hesse in Germany from AEW Capital. AEW Capital had acquired the property as the investment vehicle of Kintyre. This asset is situated at Untere Au 1 – 12 and was built in 2005. The Herbon asset has a leasable areas of around 16,700 square meters and its main tenants are Herkules DIY and garden centre, LIDL, Thomas Philipps, and Intersport.