After a 10-year holding period, Union Investment has sold the Allee-Center retail property owned by its open-ended real estate fund UniImmo: Deutschland. The buyer is Deutsche Asset & Wealth Management, acting on behalf of its open-ended real estate fund grundbesitz europa. The purchase price is approximately €140 million.
German shopping centers remain very attractive to both German and international investors. This creates an ideal opportunity to dispose of properties in line with the requirements of our fund strategy,” said Henrike Waldburg, head of Shopping Centre Investment Management at Union Investment Real Estate GmbH.
“Allee-Center in Remscheid offers further potential and is an excellent addition to the grundbesitz europa portfolio,” said Ulrich Steinmetz, managing director in the property funds division of Deutsche Asset & Wealth Management.
Built in 1986 and fully refurbished and expanded prior to acquisition by Union Investment, Allee-Center is located in Remscheid town center with direct access to the pedestrian zone. It has approximately 25,000 m² of retail space. As well as around 100 specialist shops, including Saturn, H&M, C&A and a Real hypermarket, there are 921 parking spaces available for visitors.
Source: Union Investment