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GANT
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L'OREAL GROUP
Nordic E-Commerce Key Account Manager - Stockholm
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PUMA
Key Account Manager
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Sales Support Representative Teamsales
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LEVI'S
Key Account Manager
Permanent · Stockholm
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Junior Buyer-External Brands to h&m Beauty Within The Business Unit: h&m Lifestyle Brands
Permanent · STOCKHOLM
AESOP
Assistant Counter Manager | Aesop nk Stockholm, Sweden
Permanent · Göteborg
H&M
Sales Advisor Piteå
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Department Manager Piteå
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Sales Advisor Töcksfors
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JACK & JONES
Store Assistant Jack & Jones Gränby
Permanent · Uppsala
By
Reuters
Published
Feb 18, 2010
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Union buys majority stake in landmark Berlin mall

By
Reuters
Published
Feb 18, 2010

LONDON, Feb 17 (Reuters) - Open-ended fund manager Union Investment has paid 316 million euros ($431.3 million) for a majority stake in Berlin's Alexa mall in the latest sign of renewed confidence in Germany's recovering property market.



Developers Sonae Sierra and Fonciere Euris/Rallye sold a combined 91 percent stake in the centre on Alexanderplatz to Union, one of Europe's most prolific property buyers in 2009 after striking more than 1.6 billion euros of new deals.

Sonae Sierra intends to exclusively hold the remaining 9 percent in 180-unit centre. It sold its 41 percent interest as part of a strategy to recycle capital for new projects, while retaining an interest in the property's future growth.

It will continue to be responsible for centre management.

"Alexa is a sustainable investment in every sense of the word," said Frank Billand, member of the management board of Union Investment Real Estate GmbH.

"Its location quality, attractive shopping environment and high income potential are a perfect fit with our long-term investment strategy for the retail segment," he said.

Five-storey Alexa comprises about 43,000 square metres of retail space, 2,000 square metres for food outlets and 8,000 square metres of leisure space.

It is fully let on long-term leases to a variety of retailers including MediaMarkt, Edeka, H&M (HMb.ST) and Zara (ITX.MC). The centre opened in autumn 2007 and attracted about 14 million visitors in 2009, Union said. (Reporting by Sinead Cruise; Editing by Andrew Macdonald) ($1=.7326 Euro) (See www.reutersrealestate.com for the global service for real estate professionals from Reuters)

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