Union Investment Real Estate is to sell the Auchan Monza Shopping Centre in Italy, EuroProperty has reported.
The 28,000 m2 scheme is located in Monza, the town famous for hosting the Formula 1 Italian Grand Prix, 15 km north-east of Milan.
Union Investment Real Estate bought the centre in 2009 from Immobiliar-Europa for just over €142 mln. It declined to comment on its decision to sell. The Hamburg-based investment manager is one of a steady stream of shopping centre vendors to place European shopping centres on the market in the last year. One retail agent said ‘2018 could be a record year for retail’, adding that one reason is some owners have decided to cut their exposure to the sector.
Auchan Monza has 70 shops and is anchored by a 77,000 m Auchan hypermarket. The scheme opened in 2008 and also includes a hotel and office space.
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This article first appeared in EuroProperty, a PropertyEU weekly publication
