Union Investment has announced the purchase of the Europa-Galerie shopping centre in Saarbrücken, Germany, from Credit Suisse Asset Management Immobilien KAG's frozen open-ended CS Euroreal fund. Financial details were not disclosed.
Union Investment has announced the purchase of the Europa-Galerie shopping centre in Saarbrücken, Germany, from Credit Suisse Asset Management Immobilien KAG's frozen open-ended CS Euroreal fund. Financial details were not disclosed.
PropertyEU first reported in May that Union Investment was poised to acquire the EUR 170 mln retail asset located in the capital of the German state of Saarland.
Built in 1991 and redeveloped in October 2010, Europa-Galerie Saarbrücken provides 25,000 m2 over 110 specialist stores, cafés, restaurants and service outlets. The fully let scheme was developed by inner-city retail specialist ECE and sold to Credit Suisse in 2010 for some EUR 170 mln.
'The centre fits very well into our existing shopping centre portfolio,' said Christoph Schumacher, managing director of Union Investment's institutional business. The company owns 35 European malls valued at over EUR 5.2 bn.
The disposal of the mall is the latest divestment by CS Euroreal which in May sold the Viñoly office building at Amsterdam's South Axis business district to German open-ended fund Deka Immobilien Europa.
