Union Investment Real Estate GmbH is acquiring the Das ES! shopping center in Esslingen from a fund managed by Rockspring Property Investment Managers.
The Hamburg-based real estate investment manager is adding a successful retail property to its existing €6 bln shopping center portfolio. Opened in October 2002, Das ES! enjoys strong footfall, with 6.5 million people visiting the shopping center annually.
Henrike Waldburg, head of Shopping Centre Investment Management at Union Investment said: “We are delighted to have been able to secure this stable investment at a location with excellent future prospects for our open-ended real estate fund Unilmmo: Deutschland.”
With 23 shops covering around 23,113 m² of retail space, Das ES! is the main focus of Esslingen's retail landscape. Its mix of tenants across both German and international brands means it is perfectly adapted to local demand. Anchor tenants include major chains such as Saturn, H&M, C&A and Alnatura. The population in the Das ES! catchment area shows steady growth and the region’s diverse economy, which has a strong emphasis on automotive and mechanical engineering, is reflected in its fundamentals – unemployment is currently 3.5%, one of the lowest rates in Germany.
Located in the heart of Esslingen's pedestrian zone, directly opposite the station, the Das ES! shopping center benefits from excellent public transport links and is also easily accessible by car via the nearby motorway.
Source: Union Investment