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

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.