Union Investment has acquired the Saint Martial shopping centre in Limoges from Unibail-Rodamco for EUR 99 mln, marking the German fund manager's entry into the French shopping centre market. The property, which comprises around 15,000 m2, has been added to the UniImmo: Europa open-ended fund, which now has nearly 30% of its assets invested in the retail sector.
Union Investment has acquired the Saint Martial shopping centre in Limoges from Unibail-Rodamco for EUR 99 mln, marking the German fund manager's entry into the French shopping centre market. The property, which comprises around 15,000 m2, has been added to the UniImmo: Europa open-ended fund, which now has nearly 30% of its assets invested in the retail sector.
'Along with Germany, France is the most important shopping centre market in Europe. We are delighted that Saint Martial is the first French shopping centre in our pan-European shopping centre portfolio, which is currently worth around EUR 4 bn,' said Frank Billand, member of the management board of Union Investment with responsibility for shopping centre asset management.
Gide Loyrette Nouel and Jones Lang LaSalle advised Union Investment on this transaction.
Opened in 1989 and extensively renovated in 2007-2008, Saint Martial is located in north-central Limoges, which is the capital of the Haute-Vienne department. The Saint Martial centre is a major shopping destination within the greater Limoges area, which has a primary catchment area of around 260,000 people.
The fully let retail space consists of some 70 shops on two storeys. The centre features a number of fashion outlets and is 97% let to national and international retail chains, with tenants including H&M, Armand Thierry, GO Sport and perfume chain Marionnaud.
