German fund manager Union Investment has bought a shopping centre in Paris from Dutch retail specialist Corio.
German fund manager Union Investment has bought a shopping centre in Paris from Dutch retail specialist Corio.
Financial details were not disclosed.
Built in 1992, the Issy Trois Moulins shopping centre in Issy-les-Moulineaux to the southwest of Paris comprises a 7,312 m2 gallery with 43 shop units.
The acquisition is the first foreign investment for Union’s new UII Shopping Nr. 1 retail property fund. Corio France will continue to be responsible for the property management of the centre.
The shopping centre is the third investment for UII Shopping Nr. 1, which has a current fund size of around €400 mln.
'Issy Trois Moulins is an established shopping centre with healthy returns and a balanced tenant mix, making it an excellent fit for our new thematic fund,' said Christoph Schumacher, a member of the management team at Union Investment Institutional Property in Hamburg.
UII Shopping Nr. 1 targets institutional investors and allows them to benefit from the performance of European retail properties and achieve greater diversification of their property portfolio.
The fund's investment universe comprises the key eurozone countries of Germany, France, Belgium, Italy, the Netherlands and Austria. Properties in Poland and the Czech Republic may also be added to the mix.
