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Union Investment has acquired the “Europa-Galerie” shopping centre in Saarbrücken for its institutional real estate fund UniInstitutional European Real Estate. The vendor is Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft, which is disposing of the property in the process of liquidating the CS Euroreal fund.
“The centre is an excellent fit with our existing shopping centre portfolio and adds diversification in this segment. ECE is a strong partner with whom we have a proven relationship, helping to safeguard the cash flow for our funds,” says Dr. Christoph Schumacher, member of the management board of Union Investment Institutional Property GmbH. Union Investment was advised on the transaction by law firm Latham & Watkins.
The Europa-Galerie is located directly next to the main station, marking the start of the pedestrian zone, and has excellent transport links by car, rail and bus. The complex was constructed in 1991 and re-opened in 2010 following refurbishment, offering 25,000 sq m of retail space. The fully-let shopping centre, which boasts attractive and modern architecture, has around 1,050 parking spaces and an attractive retail mix of major anchor tenants, including Saturn, REWE and H&M. The Europa-Galerie’s catchment area covers the entire city centre of Saarbrücken and stretches across large parts of the Saarland region and into neighbouring France, encompassing a total of 1.3 million people.
Union Investment currently has some EUR 5.2 billion invested in 35 shopping centres. The focus of the company’s investment strategy is on acquiring core properties in good to prime locations with high letting levels.
Fonte: CS della Società
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