Fund manager Union Investment has acquired the Das ES! shopping centre in the southwestern German town of Esslingen from Rockspring for an undisclosed sum.
Fund manager Union Investment has acquired the Das ES! shopping centre in the southwestern German town of Esslingen from Rockspring for an undisclosed sum.
The 23,100 m2 centre houses 23 retail outlets let to a mix of German and international brands, including Saturn, H&M, C&A and Alnatura, attracting 6.5 million visitors a year.
Hamburg-based Union Investment will add the Baden-Württemburg mall to its €6 bn shopping centre portfolio.
Rockspring Property Investment Managers bought the centre in 2011 for Korea’s National Pension Fund for a reported €69 mln.
Stuart Reid, manager of Rockspring’s Berlin office, said: ‘Since acquiring the centre in 2011 we have successfully completed a number of management measures and signed several new leases. We extended H&M's space and improved the fashion mix. We are very pleased with the property's performance.’
JLL advised Union Investment on the deal, while Rockspring was represented by CBRE.
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Union Investment Real Estate features in 21st place in PropertyEU's Top Investors ranking of dealmakers by transaction volume in 2014. Check out the for the ranking and background information on the top European dealmakers of 2014.
