has bought a German shopping centre from Credit Suisse鈥檚 CS Euroreal fund.
The Rathaus-Galerie in Leverkusen was bought by the German fund manager for its open-ended real estate fund UniImmo: Europa.
Credit Suisse Euroreal sold the asset from its open-ended fund, which is being wound up.
Karl-Josef Schneiders, managing director of Credit Suisse, said: 鈥淭he sale of one of the largest properties in the fund, with a current market value of just under 鈧�220m, takes us a major step closer to winding up the fund.鈥�
The 36,300 sqm centre, which opened in 2010, is managed by ECE Projektmanagement.
The centre is let to 121 outlets including H&M, C&A and Saturn.
鈥淲ith Rathaus-Galerie, we have acquired a first-class property that will retain its value and is an excellent fit with our existing shopping centre portfolio,鈥� said Henrike Waldburg, head of retail investment management at Union Investment.
鈥淚n addition to the dominant and long-established retail location in central Leverkusen, the strong tenant mix of German and international chains makes Rathaus-Galerie an attractive investment for our European fund,鈥� she added.
