Union Investment has acquired the Saint Martial shopping center in Limoges from Unibail-Rodamco for 99 million. The approximately 15,000-m² property has been added to the UniImmo: Europa open-ended real estate fund, which now has nearly 30% of its assets invested in the retail sector. This transaction gives Union Investment access to a key European shopping mall market.
Opened in 1989 and extensively renovated in 2007/2008, Saint Martial is located in north-central Limoges, which is the capital of the Haute-Vienne department. The Saint Martial center is a major shopping destination within the greater Limoges area, which has a primary catchment area of around 260,000 people. The fully let retail space consists of some 70 shops on two storys. The center features a number of fashion outlets and is 97% let to national and international retail chains, with tenants including H&M, Armand Thierry, GO Sport and perfume chain Marionnaud. The shopping center offers fee-paying parking for some 700 cars on the two upper levels.
Source: Union Investment