France fund manager PAREF Gestion has acquired a retail park and shopping center in Germany for its SCPI Novapierre Germany 2 fund.
The Nordberg Center retail park and the Tannenbusch Center Shopping are both in North Rhine-Westphalia in the West of Germany.
The Nordberg Center is in the heart of Bergkamen, near Dortmund. It was renovated in 2022-2023 and has a rental surface of about 5,000 square metres. It is fully rented to eight tenants including the Lidl supermarket and Rossmann drugstore. The average residual lease term is 7.4 years.
The Tannenbusch Center is 7km from the center of Bonn. The 13,500 square meter mall was renovated in 2017. It is rented to more than 98%, including the Kaufland hypermarket and Action discount store. The average remaining lease term is 7.7 years.
Olivier Eglem, Director of the Fund & Investments department of PAREF Management says, “We are delighted with these new acquisitions for our Novapierre Germany 2 fund and our associates. They allow us to diversify our portfolio and strengthen our presence in the state of North Rhine-Westphalia, one of the most dynamic economic regions in Europe. In addition, the acquisition of this retail park and this shopping center respond to the fundamentals of our SCPI, namely so-called “essential” commercial assets” which is a class which has demonstrated its robustness, occupancy rates and an average residual duration of high leases.”
The SCPI Novapierre Germany 2 fund is an SCPI with variable capital. It specialises in commercial real estate located mainly in Germany. It targets stores, businesses, shopping centers, retail parks on the outskirts of medium-sized German cities.
