TD News International
Commerz Real buys "Forum City Mülheim"
Commerz Real has acquired the "Forum City Mülheim" with a total floor space of 47,300 sqm for its "Hausinvest" fund. The shopping center belonged to JP Morgan Asset Management; the seller was advised by JLL. Dentons legally advised the buyer. As TD found out in market circles, the price was over €120mn. The center, which was built in 1972, was converted in 1993/1994 according to plans by architecture firms Gerkan, Marg und Partner, and RKW. In 2011, it was again revitalized. In addition to 100 shops, the complex includes a cinema, a hotel, offices, apartments, and 860 parking spaces. "Dominant shopping centers like the Forum City Mülheim – centrally located and with sustainable concepts – play a major part in our portfolio diversification," says Katharina von Schacky, Division Manager Shopping at Commerz Real. With the current acquisition, the fund portfolio now holds 13 shopping centers, making up about a third of the Hausinvest volume of €12bn.
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