Munich, 21 June 2021 – French retail investment fund SCPI Novapierre Allemagne 2, managed by PAREF Gestion, has acquired the “Hornschuch Center” in Fürth through Principal Real Estate, acting as local transaction and asset manager in Germany. The city-centre shopping centre, located at Gabelsbergerstraße 1, was purchased from Hamborner REIT. TA Europe advised Novapierre Allemagne 2, managed by PAREF Gestion and Principal Real Estate, throughout the acquisition process and carried out the complete technical due diligence for the buyer.
The scope of TA Europe’s services included detailed review of the relevant technical documentation in the data room, site inspections of the 12,000 sqm property, and the thorough technical risk appraisal as part of the reporting.
Lawrence Wainwright, Partner at TA Europe, says: “While traditional retail centres for fashion, electronics and slow-moving consumer goods have been struggling during the pandemic, shopping centres for fast-moving consumer offerings, with supermarket and drugstores, have proven to be a robust asset. Our experts were glad to provide sector-specific expertise and support Principal Real Estate and PAREF Gestion to successfully close the deal.”
Sebastian Krüger, Transaction Manager at Principal Real Estate, says: “To complete such an acquisition, it is a great help to have a strong and experienced technical advisor who helps you to reduce complexities and provides a clear picture of where you are heading. TA Europe was very responsive and provided excellent technical due diligence services. We are glad to have had them by our side during the deal process.”
About 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 US$90.3 billion in real estate assets globally (as of March 31, 2021). 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.
About TA Europe:
TA Europe is an independent consultancy in the international real estate and infrastructure sector with offices in Berlin, Düsseldorf, Essen, Munich, Brussels and Madrid. The company offers its clients tailor-made solutions covering the entire life cycle of real estate and infrastructure projects, from investment decisions to the realisation and operation of built assets to their sale. The company’s philosophy is characterised by a focus on professional excellence, generating added value for the client, flexibility in terms of working hours, environment and location, flat hierarchies, cultural diversity and genuine teamwork.
