Deutsche Euroshop takes control of Main-Taunus-Zentrum

MDAX-listed Deutsche Euroshop has said it is acquiring a 9% stake in the Main-Taunus-Zentrum shopping centre (MTZ) near Frankfurt from an institutional investor. The investment volume comes to just over EUR 17 mln.

This increases Deutsche Euroshop's shareholding in the centre to 52%.

'The Main-Taunus-Zentrum belongs to Deutsche Euroshop's original portfolio. We are delighted that we are now able to acquire a majority stake in this excellent shopping centre', said Claus-Matthias Böge, executive board spokesman, Deutsche Euroshop.

Once ongoing expansion work has been finalised in autumn 2011, MTZ will present some 180 specialist shops of well-known retailers, including Ansons, Breuninger, H&M, Kaufhof, Karstadt, Media Markt, Peek & Cloppenburg, Zara) on a retail space of around 91,000 m².

Following completion of expansion work to its northern side, the centre will offer its visitors more than 4,500 car parking spaces. 'The pre-letting level already stands at around 70%, and - in keeping with all our shopping centers - we expect 100% occupancy by the time the extension is opened', Böge added.

MTZ was one of the first ever shopping centers to be opened in Germany in 1964, and was modernised and expanded from 2001 to 2004. It is located in Sulzbach on the western outskirts of Frankfurt, directly on the A66 (motorway between Frankfurt and Wiesbaden). Managed by ECE, the European market leader in the shopping center segment, since 1998, the shopping center has a catchment area encompassing a population of 2.2 million. Up to
40,000 customers visit MTZ each day.