Hamburg: Wholesale center goes to GLO for more than €100mn
Luxembourg-based GLO Properties has acquired the ModeCentrum Hamburg (MCH) from the Luserke family for more than €100mn. The seller will remain in charge of the operation and further development of the MCH. The purchase was executed by asset and investment manager Norkon under an exclusive mandate from GLO. The property on Modering 3 has nine building sections with 77,500 sqm total floor space for retail as well as offices, an exhibit hall and restaurants. Norkon MD Konrad Mech states that the MCH is the starting investment for GLO, which was founded in 2018. GLO has issued a €500mn bond listed at the Frankfurt exchange. The firm now plans to buy further properties with development potential and undeveloped lots in large German cities. Colliers advised the seller on the transaction. GLO was legally advised by DLA Piper and M&S Moyal-Simon, the seller by Norton Rose Fulbright.
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