Union snaps up Centurion complex for EUR 71m

Germany's Union Investment Real Estate is strengthening its Hamburg portfolio with the acquisition of its first asset in the large HafenCity urban development project.

In a statement this week, the fund manager said that it has purchased the newly developed Centurion mixed-use centre in the port city of Hamburg for around EUR 71 mln.

The purchase agreement for the 13,500-m² retail and office centre was signed just before the turn of the year with a joint venture of developer DC Commercial and investor Wölbern Invest.

The scheme is 85% leased and offers eight storeys of office and retail space as well as 167 underground parking spaces. The project, which has received the 'Gold' energy-efficiency rating from DGNB, is earmarked for the UniImmo: Deutschland open-ended fund, and adds to the vehicle's high-quality retail portfolio including the Mercado shopping centre.

The acquisition comes hard on the heels of UniImmo: Deutschland's sale last week of an office building in the city centre of Hamburg for nearly EUR 45 mln to Aachen-based Grundvermögen Kapitalanlagegesellschaft. Main tenant of the asset is Benetton.

Separately, Union Investment has announced the acquisition of the 26,000-m² Äppelallee shopping centre in Wiesbaden, Germany from Hamburg-based Newport for an undisclosed amount. The property will also be transferred to the UniImmo: Deutschland's portfolio. Built in 1969, the almost fully-let asset was completely refurbished over 2009 and 2010 and re-opened in October last year.