US financial services group Perella Weinberg has completed the acquisition of the Ruhrpark shopping centre in Bochum, Germany. The investment volume is believed to be in the region of EUR 300 mln. The property is earmarked for Perella Weinberg Real Estate Fund I, which focuses on European real estate and is reserved to institutional investors.
US financial services group Perella Weinberg has completed the acquisition of the Ruhrpark shopping centre in Bochum, Germany. The investment volume is believed to be in the region of EUR 300 mln. The property is earmarked for Perella Weinberg Real Estate Fund I, which focuses on European real estate and is reserved to institutional investors.
Freshfields advised Perella Weinberg on the acquisition.
Opened in 1964, RuhrPark is one of the largest shopping centres in Germany, offering 126,000 m2 of retail space across 140 stores. Perella Weinberg has announced plans to modernise and redevelop the property, with a forecast investment of around EUR 80 mln.
Shopping centre specialist MFI (Management für Immobilien) is taking over the restructuring as well as the centre and letting management of the mall. Perella bought a controlling stake in Essen-based MFI earlier this year.