Union Investment has acquired the StadtCenter Düren shopping centre, comprising 17,800 m2 of rental space, from a fund managed by CBRE Global Investors for €70 mln.
The two-storey centre, which is home to 54 retailers and food outlets, is currently 96% let. Completed in 2004, the shopping centre will be held in the open-ended real estate fund Unilmmo: Deutschland.
'StadtCenter Düren has experienced heavy footfall for years now, it acts as an anchor for the city centre and is very important in terms of meeting the daily shopping needs of residents across the whole area,' commented Henrike Waldburg, head of Retail Investment Management at Union Investment Real Estate GmbH.
With around 4.8 million customers a year, the centre's main tenants include Saturn and H&M. It has a parking deck with 311 spaces and a multi-storey carpark is in close proximity.
CBRE advised the seller, while Savills advised the buyer on the transaction. Legal and tax advice was provided by BLP, Clifford Chance and Deloitte.
Union Investment currently holds 47 shopping centres and other retail assets in Europe and the US worth a total of €8.6 bn.
