Union Investment buys mall for new retail fund

German investor Union Investment has acquired Förde Park shopping centre in the German town of Flensburg. The investment volume was not disclosed.

Situated five kilometres from the Danish border in Flensburg’s Gewerbegebiet-Süd business park, the shopping centre is operated on a long-term basis by Metro Group Asset Management Services. Förde Park comprises almost 47,000 m² of lettable area and is 100% let.

This is the second acquisition by Union Investment for its institutional retail real estate fund, UII Shopping Nr. 1. The first asset purchased was the Breisgau Center in the German city of Freiburg.

UII Shopping Nr. 1 invests primarily in actively managed shopping centres offering over 25,000 m² of space and involving an investment of more than EUR 90 mln. The fund’s investment universe comprises the key eurozone countries of Germany, France, Belgium, Italy, the Netherlands and Austria. Properties in Poland and the Czech Republic may also be added to the mix.