#exporeal CBRE GI acquires Bavarian mall for €145m

CBRE Global Investors has announced the acquisition of Glacis-Galerie shopping centre in Bavaria for €145 mln on the opening day of Expo Real in Munich.

The newly developed shopping centre is located in Neu-Ulm, Bavaria, Germany. CBRE GI made the acquisition on behalf of a separate account client, The vendor was a joint venture between Procom and OFB.

The 27,000 m2 shopping centre was opened in March 2015 and comprises two floors of retail and two parking floors providing at least 1,100 parking spaces. There are over 90 retail units and retailers include H&M, Zara, Media Markt, C&A, REWE and Ochsner Sport.

Glacis-Galerie is located in the south-eastern part of Neu-Ulm’s city centre and adjoins the railway station. It is in a highly visible situation due to its position at the entrance of the city centre as well as its size and modern architecture.

‘We have acquired a high quality and excellently located shopping centre. The scheme has an attractive tenant mix with international brands that are not yet present in the area. Because of the high visibility of the centre, we expect high footfall which should all be contributing factors for a strong performing shopping centre,’ commented Ulrich Oppermann, head of transactions Germany, CBRE Global Investors.

Jeroen de Grunt, portfolio director, separate accounts Continental Europe, CBRE Global Investors added: “Retail is a key sector for us to target for our client this year and this shopping centre meets their investment criteria. It is well let which will provide a stable, secure and diversified long term cash flow and there is the potential for rental growth due to the good demographic and economic forecasts.”

CBRE Global Investors were advised by SQM as the broker, CBRE as the commercial advisors, Valteq as the technical advisors and Berwin Leighton Paisner LLP as tax and legal advisors.