German fund management giant Union Investment has acquired a retail park in Styria, Austria, from Rutter Immobilien Gruppe.
Financial details were not disclosed.
The deal involves the Hatric Q2 retail park; Union acquired the adjacent phases, Hatric Q3 and Q4 from developer Rutter upon completion in 2017.
The Q2 building, which opened in 2005, comprises around 6,800 m2 of rental space across two sections: a food store, which is currently being expanded to 3,460 m2, and a retail strip comprising some 3,330 m2 of space. The retail park is fully let. Food retailer Merkur, part of the Rewe Group, is the anchor tenant, scheduled to reopen in the expanded space in mid-September this year.
The property has been acquired for the open-ended real estate fund Immofonds 1, which is marketed solely in Austria.
Union Investment was advised on the legal aspects of the transaction by Vavrovsky Heine Marth, on tax matters by TPA, and on technical issues by Oterea.
