The Italian investor is said to have sealed the acquisition of Munich’s Pep shopping centre while announcing the sale of 50% of City landmark, One Fen Court.
Generali has not confirmed the acquisition prices but the two transactions are said to total approximately €800 mln. The group, in a JV with Cura, has been the front-runner to buy the 60,000 m2 Munich mall from Nuveen for some months and received the green light for the transaction from the EU commission in December.
Cura is the family office of the Otto family and ultimate owner of ECE which refurbished and managed the Pep centre for Nuveen. Last year, Cura took over Deutsche EuroShop with Oaktree.
Deals completing this week also include two prestigious regional UK hotels, and follow a third, Dalata’s acquisition of a new London hotel, last week.
Among the funds in the market, two more debt funds are raising capital, seeking to attract a total €1.2 bn.
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