Allianz buys remaining stake in Hamburg’s Europa Passage

German investor Allianz Real Estate has purchased a 45% stake in the EUR 430 mln Europa Passage shopping centre in Hamburg from HSH Nordbank.

The shopping centre at Ballindamm 40 is now wholly owned by Allianz, which previously held a 55% stake. Both parties agreed not to disclose transaction details. However, the stake is said to be worth around EUR 200 mln.

HSH - which owned the mall in partnership with Allianz Real Estate - saw the asset as no longer strategic for its business.

Completed five years ago, the scheme offers 30,000 m² of rental space over 120 shops and 34,000 m² of office accommodation. Designed by Hamburg’s celebrity architect Hadi Teherani, it welcomes over 48,000 visitors and customers a day. The management of the shopping centre and letting are handled by Hamburg company ECE Projektmanagement.