Union Investment has bought the last retail property from a portfolio being sold by Credit Suisse’s open-ended CS Euroreal fund.
The German fund manager said it has completed a deal to buy the Mercado asset, in Nuremberg’s Äußere Bayreuther Strasse.
The centre was bought by Union Investment for its open-ended Unilmmo: Europa vehicle.
The deal is part of Union’s ongoing purchase of CS Euroreal’s Melody portfolio.
“The shopping facilities at Mercado primarily meet the daily needs of people living in the local catchment area,” said Henrike Waldburg, head of Retail Investment Management at Union Investment.
“The property is very well positioned in northern Nuremberg to fulfil this function.”
Mercado is the last of a total of three shopping centres from the Melody sales portfolio which Union Investment agreed to acquire in December last year.
Tenants of Mercado include well-known retailers such as Real, TK Maxx, Media Markt and Müller.
The 43,500 sqm property was opened in 2003 and completely refurbished and restructured between 2013 and 2016.