HSH Nordbank has provided a financial facility to Morgan Stanley-led joint venture for the acquisition of the Mulheim Rhein-Ruhr Centre including the Karstadt arcades and the neighbouring office tower. The parties agreed not to disclose the amount.
Situated between Mulheim and Essen, the Rhein-Ruhr Centre comprises a retail area of a good 80,000 m² and has been an established retail location since 1973. Its long-term anchor tenants include Peek & Cloppenburg, Boecker fashion house, Saturn, H&M, a large variety of small and mid-sized retailers and a Cinemaxx cinema.
The neighbouring Karstadt department store and an office tower also form part of the transaction and will allow Morgan Stanley and redos to develop and optimise the shopping location with a total rental space of 138,000m² in an integrated manner. With a contemporary sector mix and around 180 tenants, plus entertainment offerings and a food corner, the shopping centre will be among the top five of its kind in Germany.
Oliver Hermann, Managing Director/Head of Business Development at redos: “We have successfully collaborated with HSH on other projects, during which we were convinced by the expertise of the Hamburg-based bank in our core business area of retail real estate”.
Peter Axmann, Head of Real Estate Clients at HSH Nordbank, said: “Both partners of this joint venture have a very good track record, particularly when it comes to large portfolios. Morgan Stanley and redos established their first joint venture back in 2010, and this transaction is already their fifth joint project.”