Union Investment and Spanish shopping center developer Chamartín Immobilien have opened the Area Sur shopping center in Jerez de la Frontera, Southern Spain. Union Investment acquired Area Sur at the end of December 2005 for its UniImmo: Europa fund in a transaction worth some €130 million.
Located on the northwest bypass, the shopping center is close to the center of Jerez de la Frontera, whose 192,000 inhabitants make it the largest town in Cádiz province. The Area Sur mall is of a high architectural standard and benefits from a good mix of tenants that includes major international brands. With around 45,000 m² of retail space, a 4,000-m² multiplex cinema and 2,500 parking spaces, Area Sur targets a catchment area of some 450,000 people. Its role as a popular tourist destination on the Costa de la Luz means that Jerez also attracts additional potential footfall.
Other Spanish properties belonging to the portfolio of UniImmo: Europa besides Area Sur are the Torre Diagonal Mar and Amura office buildings in Barcelona and Madrid respectively. Union Investment has invested a total of approximately €236 million in Spain. Over the past few years, Union Investment has been pursuing a strategy that increases its exposure to shopping centers. In total, Union Investment's portfolio includes 18 shopping centers and projects valued at around €2.4 billion, representing 15% of total holdings. The company intends to invest in more shopping centers in the future both in Europe and beyond.
Source: Union Investment