Union Investment and Generali Real Estate have signed an agreement to acquire the Puerto Venecia shopping resort in Zaragoza, Spain, as part of a 50-50 joint venture. The sales price is €475 million ($527 million).
“Puerto Venecia is a shopping area with a high leisure value and a correspondingly high attraction factor for the people in the Aragonia region. It is by far the leading shopping destination in this region and therefore fits perfectly with our investment strategy, which focuses on best-performing shopping centers and well-structured retail parks,” said Henrike Waldburg, head of investment management retail at Union Investment Real Estate GmbH.
The sellers are intu properties plc and Canada Pension Plan Investment Board, who held the property in a 50-50 joint venture. Union Investment will acquire its 50 percent share for the open-ended real estate fund, Unilmmo: Deutschland. Generali Real Estate will acquire its 50 percent on behalf of Generali Shoppi
