Union Investment Real Estate GmbH has added another Italian property to its 4.5 billion international retail portfolio. The Hamburg-based property fund manager acquired the 9,830-m² gallery of the Casal Bertone shopping center in Rome for around 48 million from Italian project developer Immobiliare Europea. CBRE advised the seller.
The approx. 21,000-m² shopping center also houses an Auchan hypermarket, which is not included in the transaction. Fully renovated in 1998 and located near the main railway station in the heart of a densely populated residential area of downtown Rome, the property has been added to the Immo-Invest: Europa institutional fund. The entire rental space is let until the end of 2018 to master tenant Gallerie Commerciali Italia SpA, which currently operates 42 shopping malls in Italy.
Casal Bertone comprises 56 shops, with the focus on national and international chains such as Cisalfa, Foot Locker, Pimkie, Benetton, Bijou Brigitte and Flunch. The center has 1,124 underground car park spaces and is conveniently located. It also benefits from excellent transport links, particularly to the city's ring road. Union Investment entered the Italian retail market at the end of 2007 with the acquisition of Centro Commerciale Carrefour di Pavia for its open-ended real estate fund UniImmo: Europa.
Source: Union Investment