Union Investment has bought a German shopping centre from Credit Suisse’s CS Euroreal fund.
The Rathaus-Galerie in Leverkusen was bought by the German fund manager for its open-ended real estate fund UniImmo: Europa.
Credit Suisse Euroreal sold the asset from its open-ended fund, which is being wound up.
Karl-Josef Schneiders, managing director of Credit Suisse, said: “The sale of one of the largest properties in the fund, with a current market value of just under €220m, takes us a major step closer to winding up the fund.”
The 36,300 sqm centre, which opened in 2010, is managed by ECE Projektmanagement.
The centre is let to 121 outlets including H&M, C&A and Saturn.
“With Rathaus-Galerie, we have acquired a first-class property that will retain its value and is an excellent fit with our existing shopping centre portfolio,” said Henrike Waldburg, head of retail investment management at Union Investment.
“In addition to the dominant and long-established retail location in central Leverkusen, the strong tenant mix of German and international chains makes Rathaus-Galerie an attractive investment for our European fund,” she added.