Shopping centre and retail park with combined rental area of 120,000 m2 and 19 million visitors a year
Union Investment and Generali Real Estate have signed the agreement to acquire the Puerto Venecia shopping resort in Zaragoza as part of a 50% – 50% joint venture. With around 19 million visitors a year, Puerto Venecia is one of the top 5 shopping destinations in Spain. The components of the transaction are a shopping centre with 193 shops and a retail park. The total rental area amounts to around 120,000 m2.
The vendors are intu properties plc and Canada Pension Plan Investment Board, who held the property in a 50% – 50% joint venture. The sales price will be around 475 million euros. Union Investment will acquire its 50% share for the open-ended real estate fund, Unilmmo: Deutschland. Generali Real Estate will acquire its 50% on behalf of Generali Shopping Center Fund SCS. Generali Real Estate has been advised by “Axis Retail Partners”, a Generali Investments Holding boutique.
“Puerto Venecia is a shopping area with a high leisure value and a correspondingly high attraction factor for the people in the Aragonia region. It is by far the leading shopping destination in this region and therefore fits perfectly with our investment strategy, which focuses on best performing shopping centres and well-structured retail parks,” says Henrike Waldburg, Head of Investment Management Retail at Union Investment Real Estate GmbH.
”This is the first investment of our pan-European Shopping Center Fund, launched in May 2019 and supported by our dedicated boutique Axis Retail Partners with a precise strategy of cherry-picking of prime retail in Europe.” said Aldo Mazzocco, CEO at Generali Real Estate S.p.A.
The tenant structure of Puerto Venecia underlines the dominant position of the shopping and leisure area. An El Corte Inglés department store, an IKEA store and a Leroy Merlin DIY store, which are also located on the area, are not part of the transaction.
Press contacts
Simon Sahm
Real Estate Marketing, Communication
Union Investment Real Estate GmbH
Phone +49 40 / 34919-4160
email: simon.sahm@union-investment.de
Website: www.union-investment.de/realestate
Elena Scovazzi
Generali Real Estate, Media Relations
- +39 02 43531102
- +39 366 6644707
elena.scovazzi@generali-invest.com
Website: www.generalirealestate.com
ABOUT UNION INVESTMENT
Union Investment stands for forward-looking real estate investment worldwide. We provide private and institutional property investors with a comprehensive investment platform. Union Investment currently has assets under management totalling around EUR 40 billion in its open-ended retail real estate funds, specialised funds and service and pooling mandates. We invest in the office, retail, hotel, logistics and residential sectors and hold around 400 commercial properties across 23 countries in our actively managed portfolio. www.union-investment.de/realestate
GENERALI REAL ESTATE
Generali Real Estate S.p.A. is one of the world’s leading real estate asset managers with around €31 billion of assets under management as of end of June 2019. By managing a unique mix of historical and modern properties, Generali Real Estate has developed best-in-class skills in the fields of technological innovation, sustainability and urban development. Generali Real Estate is part of the Generali Group, an independent Italian Group with a strong international presence. Established in 1831, it is among the world’s leading insurers and it is present in over 60 countries with total premium income exceeding €66 billion in 2018. www.generalirealestate.com
