Union Investment vende un centro commerciale in Germania e acquista una wind farm in UK

Union Investment  sells Allee-Center in Remscheid to Deutsche Asset & Wealth Management.
After a ten-year holding period, Union Investment has sold the Allee-Center retail property owned by its open-ended real estate fund UniImmo: Deutschland. The buyer is Deutsche Asset & Wealth Management, acting on behalf of its open-ended real estate fund grundbesitz europa. The purchase price is approximately EUR 140 million.
“German shopping centres remain very attractive to both German and international investors. This creates an ideal opportunity to dispose of properties in line with the requirements of our fund strategy,” said Henrike Waldburg, head of Shopping Centre Investment Management at Union Investment Real Estate GmbH.
“Allee-Center in Remscheid offers further potential and is an excellent addition to the grundbesitz europa portfolio,” said Ulrich Steinmetz, managing director in the property funds division of Deutsche Asset & Wealth Management.
Built in 1986 and fully refurbished and expanded prior to acquisition by Union Investment, Allee-Center is located in Remscheid town centre with direct access to the pedestrian zone. It has approximately 25,000 sq m of retail space. As well as around 100 specialist shops, including Saturn, H&M, C&A and a Real hypermarket, there are 921 parking spaces available for visitors
Union Investment acquires fifth wind farm for infrastructure fund.
Union Investment has acquired the Burton Pidsea wind farm in north-eastern England for its infrastructure fund UniInstitutional Infrastruktur SICAV-SIF. The vendor of the onshore wind farm, which commenced operation in December 2013, is Bremen-based listed company Energiekontor AG, which will handle technical and commercial operation of the facility going forward. The three type 3.4 M turbines were installed by Repower of Hamburg. Burton Pidsea wind farm has a rated output of 10.2 megawatts. Just 13 months after inception, Union Investment’s first infrastructure fund is already invested in five European wind farms in four different countries (Germany, France, Ireland and the UK). The fund has therefore largely achieved the planned broad diversification across different turbine manufacturers and also different feed-in systems. “Within the renewable energy field, onshore wind power is currently considered to be the technology which is capable of seriously competing with the production costs of conventional electricity, given the right location. That makes wind power a highly attractive investment technology for us and our investors,” said Dr. Christoph Schumacher, a member of the management team at Union Investment Institutional Property GmbH, which acts as investment adviser to the fund.
Source : Company