GEG acquires Munich Fashion Mall for €90mn
The GEG German Estate Group has acquired the Munich Fashion Mall in an off-market transaction. The investment volume is around €90mn. The property, located on Heinrich-Kley-Straße in the city’s Schwabing-Nord area, has approx. 17,000 sqm of lettable space and around 340 parking spaces. It consists of two buildings – Fashion Mall Bronce with 6,000 sqm and Fashion Mall Titan with around 11,000 sqm – and is fully let to 31 fashion industry tenants, including Max Mara, Marc Cain and Esprit. The buildings were developed in 2007 and 2008 by Fürst Developments, based in Salzburg, with a project volume estimated at that time to be around €43mn. The buyer was advised by White&Case; Clifford Chance advised the seller. JLL brokered the transaction. GEG reports that it acquired real estate for around €765mn in the first half of the year.
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