Hamburg-based Union Investment Real Estate has acquired a shopping centre in the northern Belgian coastal city of Ostend for its institutional retail property fund, UII Shopping Nr. 1.
Hamburg-based Union Investment Real Estate has acquired a shopping centre in the northern Belgian coastal city of Ostend for its institutional retail property fund, UII Shopping Nr. 1.
IVG Institutional Funds, a fellow German investor, sold the Feest en Cultuurpaleis shopping centre to Union Investment an undisclosed price.
The 5,600 m2 shopping centre opened in the heart of Ostend in 2007. It features 17 stores with tenants including H&M, Esprit, and Vero Moda / Jack & Jones.
Cushman & Wakefield, Baker & McKenzie and PwC acted for Union Investment, while IVG Institutional Funds was advised by CBRE and Loyens & Loeff.
