Union Investment Transacts in Germany
Hamburg-based Union Investment Real Estate GmbH has sold the Luisencenter shopping centre in Darmstadt, Germany, to a fund managed by LaSalle Investment Managementfor €104 million. Union Investment, which held the property on behalf of its UniImmo: Europa open-end real estate fund, acquired the centre in 2003.
“Having held the property for eight years, an attractive sale opportunity arose due to strong interest from investors,” says Dr Frank Billand, member of the management board of Union Investment Real Estate GmbH.
Luisencenter comprises 18,962 square metres of retail space and around 60 shops, as well as 540 parking spaces in an underground car park. Tenants in the property include H&M, New Yorker and REWE. The property was refurbished in 2002–2003.