Thursday, 2 July 2026
Union Investment has completed the acquisition of the Kållered Retail Park near Gothenburg for approximately €80 million, marking the first purchase for its flagship open-ended real estate fund, UniImmo: Deutschland, in around three years.
The transaction signals the company’s return to acquisitions for its retail funds aimed at private investors after a prolonged period focused on strengthening liquidity and selective asset disposals. Union Investment had already resumed acquisitions for its institutional real estate funds towards the end of 2025.
The newly completed retail park comprises approximately 19,400 sqm of leasable space and was acquired from Ingka Centres, part of the Ingka Group, which also owns IKEA Retail and Ingka Investments.
Located south of Gothenburg, the fully occupied property sits alongside an IKEA store and benefits from direct access to one of Scandinavia’s busiest transport corridors. The tenant mix focuses primarily on retailers serving everyday consumer needs, a segment that has generally demonstrated greater resilience during periods of weaker discretionary spending.
Union Investment said the acquisition forms part of its strategy to gradually redeploy capital generated through recent asset sales while maintaining a cautious investment approach. The company continues to balance new acquisitions with portfolio optimisation as investor flows into open-ended real estate funds stabilise.
With assets under management of approximately €15 billion, UniImmo: Deutschland remains Union Investment’s largest real estate fund. The manager indicated that it continues to assess additional investment opportunities while closely monitoring liquidity and fund inflows.
The acquisition also reflects the continuing appeal of retail parks across Europe. Compared with enclosed shopping centres, retail parks have generally benefited from lower operating costs, convenient accessibility by car and tenant mixes centred on grocery stores, discount retailers, home improvement and essential services, making the sector comparatively resilient despite changing consumer spending patterns.
Sustainability also played a role in the investment decision. The property incorporates renewable energy technologies, including rooftop solar panels and geothermal systems, supporting the fund’s environmental objectives while helping reduce operating costs.
The transaction highlights the gradual recovery of European real estate investment activity as improving financing conditions and stabilising property values encourage investors to selectively re-enter the market. Well-located retail assets with strong occupancy levels, defensive income streams and modern environmental standards continue to attract institutional capital, particularly in economically stable Nordic markets.
