Hines, the international real estate firm, has purchased the Mira Shopping Center in the north of Munich on behalf of a German special real estate fund, from a fund managed by GLL Real Estate Partners. In the long term, the property is to remain in the strategic holdings of the special investment fund and be developed further according to a new concept. Hines acted as acquisition manager and will be responsible for asset management.
The Mira Shopping Center was built in 2008, covers roughly 258,334 square feet and hosts around 60 retail tenants, including Rewe, H&M, New Yorker, dm, C&A, Aldi, Deichmann, Hunkemöller, Douglas, Woolworth and Expert. The property also includes 754 parking spaces and 10,764 square feet of medical and office space. The Mira Shopping Center is very well connected to Munich’s transport network (MVV) through a direct entrance from the Dülferstraße train station.
Hines plans to reposition the center and establish it as a popular hub for the district. Hines is already involved in promising conversations with current retailers as well as other potential vendors offering innovative store concepts. The property is located in one of the fastest growing districts of Munich which is being shaped by the expansion of the central BMW Research and Innovation Center (FIZ) where up to 15,000 people will be employed; the planned connection of Schleissheimer Street to the A99 highway, as well as various residential developments in the surrounding area.
Regarding the location, Hines Managing Director Alexander Möll stated: “The Mira Shopping Center is located in a part of Munich with outstanding prospects and boasts an excellent connection to public transit. This will be further improved by the direct connection to the highway, which will provide access to new catchment areas. After the Düsseldorf Arcaden, the Mira Shopping Center is the second shopping center we have acquired for the special real estate fund in Germany. We would like to continue to build on this commitment.”
“We are convinced of the potential of northern Munich, particularly due to the strong population growth and excellent infrastructure. To us, these are clear indications that the catchment area of the Mira Shopping Center in Munich will continue to grow,” said Christian Meister, managing director of Hines Munich office. “Based on the very good substance of the structure, we also feel confident that the attractiveness of the center can be increased through the right interventions and a new concept.”
Peter Epping, managing director of Hines Europe and fund manager added: “Due to its healthy risk/return profile, the Mira Shopping Center is a highly attractive opportunity for long-term investment in one of Germany’s strongest metropolitan regions and an ideal addition to the fund. We are very pleased to have been able to secure this property for the investors of the special real estate investment fund.”
Berwin Leighton Paisner, PWC, as well as Arcadis, consulted with the buyer on the legal, tax and technical aspects of the acquisition. The seller was represented by Clifford Chance, CBRE and Colliers.
Source : Company