Franco-Dutch property giant Unibail Rodamco has finalised the acquisition of a 50% stake in the massive Centro Oberhausen shopping centre in Germany.
Franco-Dutch property giant Unibail Rodamco has finalised the acquisition of a 50% stake in the massive Centro Oberhausen shopping centre in Germany.
The acquisition, which was initially announced in February, makes Unibail-Rodamco co-owner of the scheme together with the Canada Pension Plan Investment Board (CPPIB), which in May 2011 bought a 50% stake in the €1.3 bn 'super-regional' centre for €270 mln.
Unibail-Rodamco bought the stake from Stadium Group, the original developer of the asset.
Located in Oberhausen, Centro is one of Germany's largest and most successful shopping centres. Opened in 1996 and extended by 17,000 m2 in 2012, it features 232,000 m2 of retail and leisure offer, including a two-storey 117,000 m2 shopping centre, 39 restaurants and a nine-screen cinema.
Unibail-Rodamco is expected to pay up to €535 mln for the stake. The transaction represents a net initial yield of 4.4% and an average price of €7,800/m2. The purchase will be financed from existing bank lines.
