Union Investment has sold the Luisencenter shopping center in Darmstadt, held by its open-ended real estate fund UniImmo: Europa, to a fund managed by LaSalle Investment Management for around 104 million.
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Union Investment acquired the center in December 2003.
Union Investment acquired the center in December 2003. "Having held the property for eight years, an attractive sale opportunity arose due to strong interest from investors," said Frank Billand, a member of the management team at Union Investment Real Estate GmbH. Jones Lang LaSalle und Latham & Watkins advised Union Investment on the deal, while LaSalle was represented by GSK Stockmann und Kollegen.
The Luisencenter shopping center was refurbished in 2002/2003 and comprises approximately 18,962 m² of rental space. It contains around 60 shops, with an attractive mix of tenants including large chains such as H&M, New Yorker and REWE, and is managed by ECE.
Going forward, ECE will continue to manage the center and handle lettings on behalf of the new owner. The Luisencenter is an established mall enjoying a prime location in the center of town and boasting 540 parking spaces in its underground car park. Around 45,000 people visit Luisencenter each day.
Source: Union Investment Real Estate GmbH
