Allianz has taken an 80% shareholding in the Skyline Plaza, a new shopping mall due to open in Frankfurt/Main in autumn 2013. It has been sold by CA Immo Deutschland GmbH and ECE, although they have each retained a 10% stake in the property. The total investment volume is around 360 million.
"Thanks to the presence of ECE and CA Immo, we will have two outstanding partners at our side during both construction and subsequent operation. This acquisition takes us a major step closer to our goal of increasing the retail share in our portfolio."
Bernhard H. Hansen, CEO of CA Immo Deutschland and CTO of CA Immo Anlagen AG: "Skyline Plaza is another flagship project in Europaviertel alongside Tower 185.
"I'm especially pleased that this project, too, will be carried out to strict sustainability criteria which is vital in order to succeed among both tenants and investors like Allianz."
"We're proud to have such an experienced and prestigious partner as Allianz on board. The Skyline Plaza is an exceptional project for us. Allianz's early participation proves the attractiveness of this scheme at this prime location in Frankfurt," proclaimed Alexander Otto, CEO of ECE.
The Skyline Plaza is being built in Europaviertel a brand new inner-city district emerging close to the main railway station, the Frankfurter Messe exhibition center and the banking district. CA Immo is developing this dynamic area into a vibrant urban setting with plenty of real estate for offices, hotels, shopping and apartments.
Following its completion in autumn 2013, the Skyline Plaza will contain around 38,000 m² of retail space on two levels accommodating about 180 retail units. The center will also house a Meridian Spa covering an area of some 9,200 m².
Moreover, planning includes a roof garden 10,000 m² in size with a view of the Frankfurt skyline and featuring a mix of cafés, restaurants and relaxation areas. Benefiting from excellent transport links, the Skyline Plaza will include a multistory car park as well for around 2,400 vehicles and drivers will be able to quickly reach the city center and the motorways.
Joint venture partners CA Immo and ECE will be building a conference center at the same time as the shopping mall.
Allianz Real Estate Germany was advised during the transaction by Clifford Chance, Jones Lang LaSalle and Ernst & Young.
Source: CA Immo International AG