Union Investment has acquired the Europa-Galerie shopping center in Saarbrücken for its institutional real estate fund UniInstitutional European Real Estate. The vendor is Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft, which is disposing of the property in the process of liquidating the CS Euroreal fund.
The Europa-Galerie offers 25,000 m² of retail space.
"The center is an excellent fit with our existing shopping center portfolio and adds diversification in this segment. ECE is a strong partner with whom we have a proven relationship, helping to safeguard the cash flow for our funds," says Dr. Christoph Schumacher, member of the management board of Union Investment Institutional Property GmbH. Union Investment was advised on the transaction by law firm Latham & Watkins.
The Europa-Galerie is located directly next to the main station, marking the start of the pedestrian zone, and has excellent transport links by car, rail and bus. The complex was constructed in 1991 and re-opened in 2010 following refurbishment, offering 25,000 m² of retail space.
The fully-let shopping center, which boasts attractive and modern architecture, has around 1,050 parking spaces and an attractive retail mix of major anchor tenants, including Saturn, REWE and H&M. The Europa-Galerie's catchment area covers the entire city center of Saarbrücken and stretches across large parts of the Saarland region and into neighboring France, encompassing a total of 1.3 million people.
Union Investment currently has some 5.2 billion invested in 35 shopping centers. The focus of the company's investment strategy is on acquiring core properties in good to prime locations with high letting levels.
Source: Union Investment