International real estate firm Hines has purchased the Mira Shopping Centre in Munich on behalf of a German special real estate fund, from a fund managed by GLL Real Estate Partners.
Financial terms were not disclosed.
Built in 2008, the centre covers 24,000 m2 and hosts around 60 retail tenants, including Rewe, H&M, New Yorker, C&A, Aldi, Deichmann, Hunkemöller, Douglas, Woolworth and Expert. The property also includes 754 parking spaces and around 1,000 m2 of medical and office space.
'We are convinced of the potential of northern Munich, particularly due to the strong population growth and excellent infrastructure. To us, these are clear indications that the catchment area of the Mira Shopping Centre in Munich will continue to grow,' said Christian Meister, managing director of Hines' Munich office.
Hines plans to reposition the centre in the long term and said it is already in talks with current and potential retailers.
'The Mira Shopping Centre is located in a part of Munich with outstanding prospects and boasts an excellent connection to public transit. This will be further improved by the direct connection to the highway, which will provide access to new catchment areas,' said Alexander Möll, managing director of Hines Immobilien. 'After the Düsseldorf Arcaden, the Mira Shopping Centre is the second shopping centre we have acquired for the special real estate fund in Germany. We would like to continue to build on this commitment.'
Hines acted as acquisition manager and will be responsible for asset management.
Berwin Leighton Paisner, PWC, as well as Arcadis, consulted with the buyer on the legal, tax and technical aspects of the acquisition.
The seller was represented by Clifford Chance, CBRE and Colliers.
