German property investor Union Investment Real Estate said it had acquired the Centro Commerciale Carrefour shopping centre in the Italian city of Pavia from French food retailer Carrefour for EUR 74 mln. The German firm plans to add the shopping centre, its first in Italy, to its open-ended real estate fund UniImmo: Europa.
German property investor Union Investment Real Estate said it had acquired the Centro Commerciale Carrefour shopping centre in the Italian city of Pavia from French food retailer Carrefour for EUR 74 mln. The German firm plans to add the shopping centre, its first in Italy, to its open-ended real estate fund UniImmo: Europa.
Developed by Carrefour, the centre offers some 20,000 m2 of rental space and opened in December 2007. The 7,700 m2 Carrefour hypermarket is not included in the sale.
'Italy is one of Europe's biggest retail markets,' said Frank Billand, the Union Investment Real Estate AG board member responsible for the Asset Management Shopping Centres unit. 'The Carrefour transaction puts us in a good position to gradually expand our portfolio of shopping centres in southern Europe, despite strong competition among investors.'
