Pradera's Open-Ended Retail Fund (POERF) has acquired the 脛ppelallee hybrid retail park/shopping centre in the Wiesbaden/Mainz region of Germany from Union Investment's UniImmo: Deutschland open-ended vehicle for 鈧�82 mln.
Pradera's Open-Ended Retail Fund (POERF) has acquired the 脛ppelallee hybrid retail park/shopping centre in the Wiesbaden/Mainz region of Germany from Union Investment's UniImmo: Deutschland open-ended vehicle for 鈧�82 mln.
POERF is focused on retail parks and shopping centres across Europe with a portfolio of eight retail properties in the UK, Germany and Poland currently worth 鈧�300 mln.
'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.
The 脛ppelallee-Center provides nearly 26,000 m2 of space over 30 specialist shops, including anchor tenants Real and Media Markt, as well as 2,300 parking spaces. The centre is almost 100% let.
Union bought the asset in 2011 from Hamburg-based Newport for an undisclosed amount. Built in 1969, the asset was completely refurbished over 2009 and 2010 and re-opened in October 2010.
Union Investment was advised by JLL and law firm Happ Luther. Pradera was advised by Gr眉neberg Property and law firm Frantzen Steinhardt Wehle.
