Union Investment has bought an Italian shopping centre worth €244.4m for an open-ended fund.

The German fund manager has bought Le Befane, in Rimini, for an undisclosed price from Credit Suisse’s CS Euroreal vehicle, which is being liquidated.

The deal is part of Union Investment’s ongoing purchase of CS Euroreal’s Melody portfolio.

The Rathaus-Galerie in Leverkusen was recently sold by CS Euroreal to Union as part of the same sales process.

Henrike Waldburg, head of retail investment management at Union Investment Real Estate, said: “The Le Befane shopping centre has been very well established in the Rimini region for many years.

“In addition to the inhabitants of the catchment area, numerous tourists visit this popular holiday area and help to ensure strong footfall at the property.

“Alongside international chains, the occupiers include Italian brands and local retailers. This mix makes the shopping centre an attractive investment for our Europe-focused fund.”

The 35,500 sqm asset, which is let to 129 tenants, was bought for Union’s UniImmo: Europa vehicle.

Tenants include Zara, Apple, Hollister, Millenium and Italian electronics retailer Unieuro.

Karl-Joseph Schneiders, managing director of Credit Suisse Asset Management Immobilien, said: “It has performed extremely well since opening in November 2005 and maintained its stand-out position in the region.”