Commerz Real buys shopping centre in Mülheim for hausInvest
- Inner-city location, total area of more than 47,000 square metres and more than 100 stores
- Shopping centre quota in hausInvest increases to one third
Commerz Real has acquired the inner-city shopping centre “Forum City Mülheim” with a total area of approx. 47,300 square metres for its open-ended real estate fund “hausInvest”. The seller is a special purpose vehicle administered by JP Morgan Asset Management, a subsidiary of the US investment bank JP Morgen Chase. It was agreed that confidentiality be maintained on the purchase price.
"Dominant shopping centres such as Forum City Mühlheim – in central locations and with sustainable concepts – play an important role in portfolio diversification", explains Katharina von Schacky, divisional head Shopping at Commerz Real. Following the most recent purchase there are now 13 shopping centres in the fund portfolio, which account for about one third of the hausInvest portfolio value of 12 billion euros.
The centre, which was erected in 1972 on the main artery in Mülheim, was converted in 1993 and 1994 to plans by the architect’s offices Gerkan, Marg und Partner and RKW. In 2011 there was a further revitalisation to create today’s “Forum City Mülheim”. The 120-metre-long roofed two-storey arcade is home to more than 100 stores, including Edeka, Aldi, H&M, MediMax, Thalia, C&A, Douglas, TK Maxx, Spielemax and the dm drugstore. The complex also encompasses a cinema, hotel, offices and apartments, as well as 860 parking spaces. The centre has a direct connection to the main railway station and is a transport hub with regional rail transport, suburban and underground rail lines, as well as bus connections and a pedestrianised zone. The annual number of visitors is approx. 11.9 million.
Commerz Real was provided with legal advice on the transaction by the corporate law firm Dentons; the seller was advised by JLL Jones Lang LaSalle.