Union Investment enters French shopping center market (DE/FR)

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.

Saint Martial

The 15,000-m² Saint Martial shopping center is located in north-central Limoges.

"Along with Germany, France is the most important shopping center market in Europe. We are delighted that Saint Martial is becoming the first French shopping center in our pan-European shopping center portfolio, which is currently worth around €4 billion," says Dr. Frank Billand, the member of the management board of Union Investment Real Estate GmbH responsible for shopping center asset management. Gide Loyrette Nouel and Jones Lang LaSalle advised Union Investment on this transaction.

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

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