German retail specialist MFI has acquired the Löhrhof Center shopping centre in the Ruhr region of the country. The vendor was Henderson Global Investors’ Deutsch Shopping Center Fund.
German retail specialist MFI has acquired the Löhrhof Center shopping centre in the Ruhr region of the country. The vendor was Henderson Global Investors’ Deutsch Shopping Center Fund.
Financial details were not disclosed.
Löhrhof Center was one of the first shopping centres in Germany when it opened in the city of Recklinghausen in 1975.
The shopping centre comprises 35 stores, including Media Markt, Hennes & Mauritz, DM and Deichmann. MFI plans to demolish the existing scheme and build the Recklinghausen Arcaden shopping centre with 90 shops and 27,000 m2.
Essen-based MFI has been the manager of the centre since February 2008, when its business partner Henderson Global Investors, on behalf of the Deutsch Shopping Center Fund, acquired the scheme and all the existing building rights. The vehicle, with a life term of 12 years, is now divesting the mall as it lacks the financial headroom to fund the construction of the project.
'MFI has a prestigious retail development and management potential in Germany. With a dedicated team of specialists we trust that they are the best partner to execute and deliver such a development,' said Andrew Friend, director of institutional business at Henderson.
