3 August 2020
Union Investment acquires retail park in Styria
• Acquisition for immofonds 1
The HATRIC Q2 retail park in Hartberg, Styria (Austria) has changed hands. Having previously acquired the adjacent phases HATRIC Q3 and Q4 from Rutter Immobilien Gruppe upon completion in 2017, Union Investment has now also secured the Q2 building with its approximately 6,800 sq m of rental space, which opened in 2005. The vendor is again Rutter Immobilien Gruppe. The acquisition will be added to the holdings of open-ended real estate fund immofonds 1, which is marketed solely in Austria. The purchase price was not disclosed.
HATRIC Q2 consists of two separate sections: a food store, which is currently being expanded to 3,460 sq m, and a retail strip comprising some 3,330 sq m of space. The retail park is fully let. Food retailer Merkur, part of the REWE Group, is the anchor tenant that drives footfall to HATRIC Q2. It is scheduled to reopen in the expanded space in mid-September this year.
Union Investment was advised on the legal aspects of the transaction by lawyers Vavrovsky Heine Marth, on tax matters by TPA and on technical issues by OTEREA.