Union buys retail park in Nuremberg

German fund manager Union Investment has acquired the Meister Areal retail park in Nuremberg, Germany, for its UniInstitutional German Real Estate fund.

Financial details were not disclosed.

The scheme offers 17,700 m2 of retail space and is fully let to SB-Warenhaus, a unit of Metro Group, with a 10-year lease term.

The vendor is a real estate unit of Hamburg-based Newport Group.

'Retail investments in economically strong regional centres such as Nuremberg fit in the investment profile of our German funds. We also see interesting investment opportunities in the hotel and office segments outside Germany's top seven sites,' said Christoph Schumacher, director of Union Investment Institutional Property.

The UniInstitutional German open-ended real estate fund for institutional investors was launched 18 months ago and has already acquired six properties representing a total investment of €290 mln.

Union Investment was advised by Wrangel Real Estate Consulting & Investment on the deal.