A pan-European retail controlled by Sonae Sierra has sold Münster Arkaden shopping centre in Germany to local investment company Aachener Grundvermögen-KAG.
A pan-European retail controlled by Sonae Sierra has sold Münster Arkaden shopping centre in Germany to local investment company Aachener Grundvermögen-KAG.
The companies agreed to keep financial details confidential, however it is understood that the asset was sold for more the EUR 165 mln that the Sierra European Retail Real Estate Asset Fund paid for it in May 2007.
The three-storey, inner-city shopping centre provides 37 retail units over a total gross lettable area of 38,800 m2. The mall is fully let on long-term leases to retailers such as Saturn, Zara, Peek & Cloppenburg and Esprit. Münster Arkaden opened in May 2005.
'Through this sale the Sierra Fund allows investors to capitalise on the high demand that investors have for high quality shopping centres in Germany,' the company said in a statement. Sonae Sierra will continue to be responsible for the management of the centre.
'This transaction marks another step in the implementation of our company capital recycling strategy, allowing us to continue our expansion in the markets where we are currently active and also into new emerging markets ensuring the company’s sustainable growth,' said Fernando Guedes Oliveira, CEO of Sonae Sierra.
Sonae Sierra has five shopping centres under management in Germany, three of which for third parties, and two new projects in different phases of development.
The seller was advised by Cushman & Wakefield.
