German fund manager Real I.S. has announced the purchase of the Hamburger Meile shopping centre on the Hamburger Straße from a partnership of retail specialist ECE Projektmanagement and Hamburg-based developer Bruhn for around EUR 250 mln. The property will be transferred to a new closed-end fund of Real I.S. with the aim of marketing it to investors in the third quarter of 2011.
German fund manager Real I.S. has announced the purchase of the Hamburger Meile shopping centre on the Hamburger Straße from a partnership of retail specialist ECE Projektmanagement and Hamburg-based developer Bruhn for around EUR 250 mln. The property will be transferred to a new closed-end fund of Real I.S. with the aim of marketing it to investors in the third quarter of 2011.
'Hamburger Meile in the Barmbek quarter is one of the most attractive shopping centres in Hamburg,' said Andreas Heibrock, member of the executive board of Real IS, the fund management arm of BayernLB.
'We are happy to have found a strong partner in Real I.S.,' added Alexander Otto, CEO of ECE. The company is retaining a 15% stake and the management of the centre.
Completed in 1970 by Bruhn Group, Hamburger Meile re-opened in April 2010 after a EUR 200 mln revitalisation and extension programme carried out by a partnership of Bruhn and ECE. The scheme offers 50,000 m2 of retail accommodation across 150 shops as well as a 15,000-m2 office tower mostly occupied by the City of Hamburg.
Bruhn was advised by Hansa Partner and CMS Hasche Sigle. Rödl & Partner acted for Real I.S. while White & Case advised ECE.