The Breisgau Center in Freiburg is Union Investment's first acquisition for its new real estate fund for institutional investors, UII Shopping Nr. 1. Well positioned in Freiburg's retail market, the 16,727-m² complex was refurbished last year and is fully let.
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The Breisgau Center has been substantially updated and extended since it originally opened in 1975.
The vendor is a property company operated by Hamburg-based Newport GmbH. The parties have agreed not to disclose details of the purchase price.
"As a high-yielding retail property, the Breisgau Center is an excellent fit with the acquisition profile of our new fund," says Dr. Christoph Schumacher, Deputy Managing Director of Union Investment Institutional Property GmbH.
The subscribed capital for the retail fund already stands at around 300 million.
"We are confident of achieving our target volume of 750 million, including debt finance of 30% to 40%, by the end of 2012," adds Schumacher.
The thematic fund will invest primarily in shopping centers across Europe, with retail parks and trophy buildings in high street locations also being considered. In addition to the Breisgau Center, other investment properties have also been presented to investors.
The Breisgau Center, which has been substantially updated and extended since it originally opened in 1975, benefits from excellent transport links and is situated in the Freiburg-Haid business park, an established retail location. Anchor tenants Real and Adler both have long-term leases and occupy 10,872 m² and 3,180 m² of space respectively. A further 18 retail units comprising mainly local amenities and eateries are also located in the complex, which offers free parking for 950 cars.
Source: Union Investment
"As a high-yielding retail property, the Breisgau Center is an excellent fit with the acquisition profile of our new fund," says Dr. Christoph Schumacher, Deputy Managing Director of Union Investment Institutional Property GmbH.
The subscribed capital for the retail fund already stands at around 300 million.
"We are confident of achieving our target volume of 750 million, including debt finance of 30% to 40%, by the end of 2012," adds Schumacher.
The thematic fund will invest primarily in shopping centers across Europe, with retail parks and trophy buildings in high street locations also being considered. In addition to the Breisgau Center, other investment properties have also been presented to investors.
The Breisgau Center, which has been substantially updated and extended since it originally opened in 1975, benefits from excellent transport links and is situated in the Freiburg-Haid business park, an established retail location. Anchor tenants Real and Adler both have long-term leases and occupy 10,872 m² and 3,180 m² of space respectively. A further 18 retail units comprising mainly local amenities and eateries are also located in the complex, which offers free parking for 950 cars.
Source: Union Investment
