Union Investment awards management contract to Sonae Sierra for three shopping centers in Hamburg (DE)

Sonae Sierra, the international specialist for shopping centers, is strengthening its professional services business for third parties with new contracts for the leasing and management for three shopping centers in Hamburg.
The company will be responsible for the management and leasing of Union Investment’s shopping centers Quarrée Wandsbek-Markt, Mercado and Geschäftshaus Ottensen in Hamburg.
The service contracts cover center management and operations, leasing and marketing for all three centers, which have a total gross leasing area of 105,800 m² and 171 shops.
With the new contracts, Sonae Sierra is expanding its service business in Germany, now managing and leasing a total of 8 shopping centers in Germany, with a total GLA of 290,100 m² and more than 650 shops in the cities Berlin, Hamburg, Munster, Weiterstadt and Solingen.
“We are very happy to expand the long-year and positive partnership with Sonae Sierra through the award of 3 new management and leasing contracts. The shopping centers are very well positioned in the market, which is proven by complete occupancy rates”, says Volker Noack, Member of the Board at Union Investment Real Estate GmbH, Hamburg.
Quarrée Wandsbek-Markt, Mercado and Geschäftshaus Ottensen in Hamburg The shopping center Quarrée Wandsbek-Markt located to the east of Hamburg's city center was opened in 1988 and modernized in 2010. The shopping center offers 89 shops with a GLA of over 60,100 m² and 973 parking spaces to serve a catchment area of 414,000 inhabitants. The Mercado center offers 76 shops in a total GLA of 33,643 m² and was refurbished in 2009. This shopping center can be reached by around 135,000 people in the catchment area and offers 421 parking spaces. The Geschäftshaus Ottensen center opened in 2008 and provides 11,606 m² of GLA and 83 parking spaces with a catchment area of around 135,000 people.
Source: Sonae Sierra