Allianz buys 80% stake in Frankfurt's Skyline Plaza mall

German insurer Allianz has acquired an 80% stake in the Skyline Plaza in Frankfurt/Main from CA Immo Deutschland and Hamburg-based developer ECE for EUR 360 mln. CA Immo and ECE have each retained a 10% stake in the shopping mall which is due to open in autumn 2013.

'Allianz's investment in the Skyline Plaza is another highlight of our investment activity in Germany,' said Stefan Brendgen, CEO of Allianz Real Estate Germany. 'Thanks to the presence of ECE and CA Immo, we will have two outstanding partners at our side during both construction and subsequent operation. This acquisition takes us a major step closer to our goal of increasing the retail share in our portfolio.'

The Skyline Plaza is being built in Europaviertel - a new inner-city district emerging close to the main railway station, the Frankfurter Messe exhibition centre and the banking district. CA Immo is developing this area into an urban setting with offices, hotels, shopping and apartments.

Bernhard Hansen, CEO of CA Immo Deutschland and CTO of CA Immobilien Anlagen: 'Skyline Plaza is another flagship project in Europaviertel alongside Tower 185. I’m especially pleased that this project, too, will be carried out to strict sustainability criteria - which is vital in order to succeed among both tenants and investors like Allianz.'

Following its completion in autumn 2013, the Skyline Plaza will contain around 38,000 m² of retail space on two levels accommodating about 180 retail units. The centre will also house a Meridian Spa covering an area of some 9,200 m². Joint venture partners CA Immo and ECE also plan to build a conference centre at the same time as the shopping mall.

Allianz Real Estate Germany was advised during the transaction by Clifford Chance, Jones Lang LaSalle and Ernst & Young.