MGPA buys German mall for North American investor

Private equity advisory firm MGPA has acquired the Komm shopping centre in Offenbach near Frankfurt am Main on behalf of a North American institutional investor. The vendor is German developer Hochtief Projektentwicklung.

The investment volume and the identity of the North American investor were not disclosed.

Komm is an inner-city shopping centre and office scheme with a total of 21,700 m² of leasable space. The shopping centre component offers 15,700 m² of lettable area over 60 retail units and restaurants. The tenants include fashion, footwear, sports, accessories and multimedia retailers as well as a department store and a supermarket. Some 15,000 m2, or 97%, of the retail space is occupied.

The office and service space located on the third and fourth floors of the shopping centre has a total lettable area of 6,200 m² and is 77% leased to an architect, an engineering office, a gym, a physiotherapist, two dentists and a dental laboratory. The centre also features 200 parking spaces, with an additional 425 parking spaces located in the adjoining multi-storey car park.

Komm was opened in September 2009 and connects the retail strips of the inner city of Offenbach.

Marius Schöner, MGPA’s head of Germany, commented: 'We have planned additional investments into the shopping centre in order to further increase the attractiveness of the retail offer. We will also focus on the lease up of the remaining vacancy in the office space. MGPA continues to seek retail investments in Germany across all retail segments where we can add value.'

MGPA is an independent private equity real estate investment advisory company. The firm invests in European real estate on behalf of funds it manages and separate mandates.