LIMOGES, FRANCE-Hamburg cooperative banking fund manager UnionInvestment has acquired the Saint Martial shopping centre inLimoges from Unibail-Rodamco for $127 MILLION, marking its entryinto the sector in France. The 161,000-square-foot property hasbeen added to the UniImmo: Europa open-ended real estate fund,which now has nearly 30% of its assets invested in the retailsector

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“Along with Germany, France is the most important shoppingcentre market in Europe," said Frank Billand, Union Investmentboard member. "We are delighted that Saint Martial is becoming thefirst French shopping centre in our pan-European shopping centreportfolio, which is currently worth around $5.1 billion.”

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Opened in 1989 and extensively renovated in 2008, Saint Martialis located in north-central Limoges, which is the capital of theHaute-Vienne department. Its primary catchment area is around260,000 people. The fully leased retail space consists of some 70shops on two stories. Gide Loyrette Nouel and Jones Lang LaSalleadvised on the deal.

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AllanSaunderson is a managing editor of Property InvestorEurope and a contributor to GlobeSt.com.

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