Deutsche EuroShop has spent €113 mln on a 50% stake in the Saarpark-Center shopping centre in the southwestern German town Neunkirchen.
The stake was acquired from the BAT Custodian pension fund. The net purchase price of around €79 mln was financed through loans.
The acquisition increases Deutsche EuroShop's portfolio to 20 shopping centres, with a market value of €4.5 bn.
The Saarpark-Center was originally opened in 1989. After undergoing an expansion in 1999 and restructuring in 2009, the centre is now the largest in the state of Saarland, comprising over 130 specialist stores across 33,500 m2 of retail space split between two floors. The centre also has 600 m2 of office space as well as over 1,600 parking spaces.
Key tenants include C&A, H&M, Müller Drogerie, P&C Düsseldorf, REWE and TK Maxx.
