Commerz Grundbesitz Gruppe (CGG) has bought a EUR 125 mln stake in the Stadtgalerie shopping centre currently under construction in Schweinfurt, Germany. CGG acquired the stake for its Hausinvest Europa Fund and will partner developer ECE Projektmanagement in the project. Total investment in the mall is put at EUR 170 mln.
Commerz Grundbesitz Gruppe (CGG) has bought a EUR 125 mln stake in the Stadtgalerie shopping centre currently under construction in Schweinfurt, Germany. CGG acquired the stake for its Hausinvest Europa Fund and will partner developer ECE Projektmanagement in the project. Total investment in the mall is put at EUR 170 mln.
The centre will have about 22,500 m2 of retail space and 1,240 parking spaces and is due to open its doors in the spring of 2009.
Stadtgalerie Schweinfurt is CGG's fourteenth retail acquisition for its Hausinvest Europa portfolio, bringing the fund's retail share to 19%.
