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| Pirelli and Morgan Stanley sell Mercado to Union Investment Hamburg-based Union Investment Real Estate AG, one of Europe's leading property investment management firms, has acquired the Mercado shopping centre in Hamburg for its real estate investment fund UniImmo: Deutschland from a Pi-relli & C. Real Estate SpA and Morgan Stanley Real Estate Investing joint venture company. With a sale price of 164 million Euro the companies have thus realised the largest single deal in Germany this year. Mercado's centre management, the leasing, the property management and the facility management will also remain in the hands of Pirelli & C. Real Estate Deutschland GmbH in future. The Mercado was built as district centre in 1995 and 2003 in two construction phases and has since then been continually developed by Pirelli RE. Through this long-term involvement, Pirelli RE has contributed significantly towards the western sector of Hamburg becoming nowadays one of Hamburg's most attrac-tive shopping destinations. Mercado is located in the central pedestrian area of Hamburg's Altona-Ottensen quarter adjacent to Altona station and has four floors with a total retail area of 24,000 square metres. write your comments about the article :: © 2009 Construction News :: home page |