Hamburg-based Union Investment Real Estate AG has acquired the "Monza" shopping center in Italy for its UniImmo: Deutschland open-ended real estate fund. Union Investment purchased the property from ImmobiliarEuropea S.p.A. for around EUR142.6 million. Advisors to the vendor were the real-estate agency CB Richard Ellis; Union Investment was advised by Jones Lang La Salle.
"Monza" has an attractive tenant base Open since August 2008, the shopping center is located roughly 1.5 kilometers to the northeast of downtown Monza and has around 28,000 square meters of rental space. Besides the shopping center, the development also includes a hotel, offices, and a public service hall. The hotel and the offices will be completed by Fall 2009.
Monza is located to the north of Milan and is the third-largest city in Lombardy, Italy's strongest economic region. With around 59 million consumers, Italy is one of western Europe's major retail markets.
