Union Investment has sold the Äppelallee-Center retail property after a five-year holding period, to Pradera Open-Ended Retail DFund, an open-ended special AIF which is administered by IntReal as a real estate Service KCG. The sale price is approx. €82m. “German retail properties remain very sought-after investments. This provides a good opportunity to further develop our portfolio, as well as reduce its average age,” said Henrike Waldburg, head of shopping centre investment management at Union Investment Real Estate GmbH.
The Äppelallee-Center is located in the strongest retail park location in the Wiesbaden/Mainz region with excellent transport links thanks to its own motorway junction. The centre comprises 30 specialist shops, including anchor tenants real and Media Markt, spread across approx. 25,945m² with 2,300 free parking spaces for visitors on site. The centre is almost 100% let. Pradera was advised on the acquisition by Grüneberg Property and law firm Frantzen Steinhardt Wehle.
