Union and Generali signed agreement to acquire Puerto Venecia for €475M

Union and Generali  signed agreement to acquire Puerto Venecia for €475M

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.

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 sqm.

«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.

Press Released By Union Investment and Generali Real Estate

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