MEC, a joint venture between private German commericial property specialist ECE and wholesale retail group Metro, has inked a deal for ten retail parks in Bavaria from local player HanseMerkur Grundbesitz.
Financial details were not disclosed.
'With the acquisition package of the Bayern portfolio, our growth strategy continues to gain momentum. We warmly welcome the new locations to the MEC property management family,' says Christian Schröder, managing director of MEC.
The total rental area of the portfolio amounts to almost 60,000 m2.
In addition to the management of classic retail parks and hybrid malls, MEC said it sees the management of smaller retail properties as a further part of its growth strategy - and has recently expanded its team to service this. 'This enables us to offer even smaller retail locations a professional all-round service from a single source - always tailored to the respective customer needs,' Schröder added.
MEC currently manages over 75 retail properties across Germany, making it the country's largest retail park management firm.
MEC's total assets under management reached €3.5 bn in 2019. According to the firm, around 1,100 rental partners at all locations generated an annual turnover of more than €3 bn on a rental area of 1.6 mln m2 last year.
