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Union Investment snaps up German shopping center

Union Investment Real Estate GmbH bought the Rathaus-Galerie shopping center in Leverkusen, Germany, from Credit Suisse Asset Management Immobilien KAG's real estate fund CS Euroreal, for an undisclosed sum.

Union Investment plans to add the property, which spans about 36,300 square meters of retail space, to the portfolio of its open-ended real estate fund UniImmo: Europa. Karl-Josef Schneiders, Managing Director at Credit Suisse Asset Management Immobilien KAG, said in a release that Rathaus-Galerie is one of the largest properties in the CS Euroreal portfolio with a market value of just under €220 million.

The acquisition also includes a 2,200-square-meter retail and office property adjacent to the asset. H&M, C&A, Saturn and Thalia are among the tenants occupying the center's 121 outlets.

Union Investment was advised by CMS and JLL on the transaction, while Credit Suisse was advised by Eastdil Secured and iMallinvest.