Image: Commerz Real
Investment

Commerz Real buys Forum City Mühlheim, Germany

Commerz Real has acquired the 47,300-sq-m “Forum City Mühlheim” for its open-ended real estate fund “hausInvest.”

The seller was a special-purpose entity managed by JP Morgan Asset Management, a subsidiary of the US investment bank JP Morgen Chase. The purchase price was not disclosed.

“Dominant shopping centers like Forum City Mühlheim—centrally located and with sustainable concepts—play an important role in portfolio diversification,” explained Katharina von Schacky, Director of Shopping at Commerz Real.

With the current acquisition, there are now 13 shopping centers in the fund portfolio, which represent roughly one third of the hausInvest portfolio of €12 billion. Originally built in 1972, the center was rebuilt in 1993 and 1994 according to plans by the architects Gerkan, Marg und Partner and RKW.

A further revitalization in 2011 produced today’s “Forum City Mülheim.” Over 100 stores have found a home under the covered, 120-meter-long, two-story arcade. The number of annual visitors is around 11.9 million. Commerz Real was legally advised on the transaction by the business law firm Dentons.

Follow ACROSS

Download

fb-art 150

Share this article

Sign up for our ACROSS Newsletter. Subscribe to ACROSS Magazine.

Investment MORE

Polish Retail sector dominated by portfolio deals

Investors feel safe again in Poland. The total volume of investment transactions in H1 2022 amounted to almost 2.9 billion Euro, which was more than 40% more than in the same period last year. 28% of all investments were made in the shopping center sector.

Evolve Estates acquires Three Spires shopping center in Lichfield

Evolve Estates has acquired a prime open-air shopping center in the heart of Lichfield in England, its biggest retail acquisition of 2022.

Altera acquires local shopping center Het Stroink

Altera Vastgoed has acquired off-market local shopping center Het Stroink in Enschede (NL) from WP Retail Invest CV (“WPRI”). The center has recently been renovated by WPRI to create a retail complex with a pharmacy, a medical center, three primary schools, a nursery and a petrol station.

Upcoming challenges for the Polish investment market

Avison Young reports on the property investment market in Poland after Q1 2022.

LaSalle acquires £600m UK designer outlet portfolio

LaSalle Investment Management has acquired two outlet centers in the United Kingdom, McArthurGlen Designer Outlet Cheshire Oaks and McArthurGlen Designer Outlet Swindon, for £600 million from Nuveen Real Estate.

Mitiska REIM acquires retail center in Beek (NL)

Mitiska REIM announced the acquisition of Makado Beek retail center from Syntrus Achmea, on behalf of the First Retail International 2 Fund (FRI 2) and in partnership with local co-investment partner and asset manager 3W Real Estate. It is one of the largest retail centers in the Netherlands, attracting over 3 million visitors per year.