23 December 2019
Union Investment and Generali Real Estate signed the agreement to acquire the Puerto Venecia shopping resort in Zaragoza
Union Investment and Generali Real Estate have signed the agreement to acquire the Puerto Venecia shopping resort in Zaragoza as part of a 50% - 50% joint venture. 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 are amounts to around 120,000 m2.
The vendors are Intu Properties and the Canadian pension fund, CPPIB, who held the property in a 70% - 30% joint venture, with Intu Properties holding the larger share. The sales price will be around 475 million euros. Union Investment will aquire its 50% share for the open-ended real estate fund, Unilmmo: Germany. 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.
Henrike Waldburg, Head of Investment Management Retail
”This is the first investment of our pan-European Shopping Center Fund, launched in May 2019 and supported by our dedicated boutique Axis with a precise strategy of cherry-picking of the dominant retail in Europe.” said Aldo Mazzocco, CEO at Generali Real Estate S.p.A.
The tenant structure of Puerto Venecia underlines the dominant position of the shopping and leisure area. An El Corte Inglés department store, an IKEA store and a Leroy Merlin DIY store, which are also located on the area, are not part of the transaction.