Union Investment has sold the Luisencenter shopping centre in Darmstadt, Germany to LaSalle Investment Management for around EUR 104 mln.
Union Investment has sold the Luisencenter shopping centre in Darmstadt, Germany to LaSalle Investment Management for around EUR 104 mln.
The asset was held by Union's open-ended real estate fund UniImmo: Europa, which bought it in December 2003.
'Having held the property for eight years, an attractive sale opportunity arose due to strong interest from investors,' said Frank Billand, a member of the management team at Union Investment Real Estate. Jones Lang LaSalle and Latham & Watkins advised Union Investment on the deal, while LaSalle was represented by GSK Stockmann und Kollegen.
The Luisencenter shopping centre was refurbished in 2002/2003 and comprises 19,000 m2 of rental space over 60 shops. It is managed by ECE, which will continue to operate the centre and handle lettings on behalf of the new owner.
