Union Investment acquires Rhein-Galerie mall for EUR 210m

Germany's Union Investment Real Estate has acquired a majority stake in the Rhein-Galerie shopping centre development in Ludwigshafen, Germany from shopping centre developer ECE for a total EUR 210mln. The property is earmarked for Union Investment's open-ended real estate fund Unimmo: Germany.

The shopping mall provides around 30,000 m² of retail space, a 'gastro pavilion', a restored historic shipyard hall and 1,300 parking spaces. ECE is retaining the management of the centre, as well as a 5% interest in the property. Construction works on the site began in April this year with completion scheduled for autumn 2010. The scheme, which is around 50% pre-let at the moment, will involve an investment of around EUR 220mln.