Ballymore Properties is investing EUR 450 mln to develop what the Irish company claims will be the most prestigious and one of the largest shopping centres in Germany. The mall will be developed on a 2-hectare site around the Kudamm Karree building in central Berlin. Ballymore acquired the 62,000 m[sup]2[/sup] property from closed-ended trust Eurocastle Investments for EUR 155 mln. Kudamm Karree comprises a retail arcade, office space, some residential accommodation, restaurants and a theatre. Mike De Mug, Ballymore's group retail director, told the Irish Independent newspaper that the site is one of the best in Berlin. 'Our plan is to redevelop the arcade to make it one of the most attractive shopping locations in Germany,' De Mug said.
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