GERMANY - MFI, the German real estate investor devoted to retail centres, has all but confirmed the acquisition of a shopping centre in the country's capital for an estimated €340m.

The sale of the Gropius Passagen in the south east of Berlin was announced late last month by WealthCap, which owns the site on behalf of its closed real estate fund H.F.S Immobilienfonds Deutschland 11.

At the time, it said it would put the sale price of €341m to a vote among its investors.

A spokesman at MFI said he was unable to comment and would remain unable to comment for the next few days, as several details were still to be agreed, and, under the terms of the agreement, no public statements would be made.

WealthCap said in a statement that investors could expect to see as much as 75% of the agreed price in payments come 2012.

The company's head of sales Gabriele Volz added: "Our asset managers were able to develop the unit over the long term and position it well, leading to the Gropius Passagen being firmly established as a brand in Berlin."

She said this brand awareness was now reflected in the sale's price, 14 years after the centre first opened for business.

The Deutschland 11 fund, first launched in 1994, has capital reserves of €177m.

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