Union Investment Makes Retail Buys
Hamburg-based Union Investment has acquired an 80 percent stake in an OPCI that owns the Géant shopping centre in Bordeaux, France, for €63 million, valuing the property at €80 million. Mercialys SA, which developed the shopping centre, will retain a 20 percent interest and manage the property.
The property is being expanded and renovated, with completion set for November 2012. It comprises 60 shops and 17,641 square metres of retail space, with a current occupancy level of 95 percent. The 6,500-square-metre expansion is 60 percent pre-let. A Géant hypermarket at the shopping centre is not included in the transaction.
In other news, Union Investment has acquired a shopping centre in Freiburg, Germany, on behalf of its new fund, UII Shopping Nr 1. The Breisgau Centre, which totals 16,727 square met