German fund manager Union Investment has acquired a shopping centre in the Rimini region on Italy’s Adriatic coast from Credit Suisse Asset Management.
Financial details were not disclosed.
The centre, which comprises around 35,500 m2 of retail space, is the third of a total of four properties that make up the Melody portfolio, which Union Investment agreed to acquire from Credit Suisse in December 2016. Union will add Le Befane to its open-ended Unilmmo: Europa fund. The property was opened in 2005 and welcomed some 8.6 million customers in 2016.
All the properties in the Melody portfolio were previously held by Credit Suisse’s CS Euroreal open-ended real estate fund.
‘The Le Befane shopping centre has been very well established in the Rimini region for many years. In addition to the inhabitants of the catchment area, numerous tourists visit this popular holiday area and help to ensure strong footfall at the property,’ said Henrike Waldburg, head of retail investment management at Union Investment Real Estate.
‘Alongside international chains, the occupiers include Italian brands and local retailers. This mix makes the shopping centre an attractive investment for our Europe-focused fund,’ she added.
Le Befane is the largest CS Euroreal fund property, with a market value of €244.4 mln, and has performed extremely well since opening in November 2005, commented Karl-Joseph Schneiders, managing director of Credit Suisse Asset Management. ‘This transaction continues the successful liquidation of CS Euroreal,’ he added.
Union Investment was advised on the transaction by CMS and JLL; Credit Suisse was represented by Eastdil Secured and iMallinvest.
