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

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

Opened in 1989 and extensively renovated in 2008, Saint Martial is located in north-central Limoges, which is the capital of the Haute-Vienne department. Its primary catchment area is around 260,000 people. The fully leased retail space consists of some 70 shops on two stories. Gide Loyrette Nouel and Jones Lang LaSalle advised on the deal.