Union Investment has acquired the Mercado shopping centre in Hamburg for EUR 164 mln, in what the open-ended fund manager described as the largest single property investment deal in Germany so far this year.
Union Investment has acquired the Mercado shopping centre in Hamburg for EUR 164 mln, in what the open-ended fund manager described as the largest single property investment deal in Germany so far this year.
The 24,000-m2 shopping centre was sold by a joint venture company established by Pirelli & C. Real Estate and Morgan Stanley Real Estate Investing.
The property was acquired by Union Investment for the open-ended Real Estate Investment Fund UniImmo: Deutschland.
The contract for centre and property management was awarded to Pirelli RE for a further five years.
'The acquisition of "Mercado" means a further strengthening of our portfolio of centrally located shopping centres that, with very high degrees of occupation and crisis-proof yields, have developed into the stable anchors of our real estate investment fund,' said Dr. Frank Billand, member of the executive board of Union Investment Real Estate.
The emphasis in UniImmo: Deutschland investment is on German conurbations and European cities with sustainable economic development potential. Office buildings and retail properties form the core. Hotels and business parks serve as investment diversification.
