Real I.S. has acquired the Hamburger Meile shopping center from ECE and the Bruhn Group at a property value of approx. 250 million. The property is to be offered in a closed Real I.S. fund in the third quarter of 2011.
The shopping center was completed in 1970 under the direction of the Bruhn Group and was reopened in April 2010 after comprehensive refurbishment works by the ECE/Bruhn joint venture. Today, Hamburger Meile is characterized by a modern appearance as well as the segmentation in different subject areas under the headline 'Hamburg city on the waterside'. Behind the 600 meter long facade you can find around 50,000 m² of leasable retail space on which currently 150 specialist stores are located.
"Due to the central and convenient location in the most densely populated core catchment area of the city, Hamburger Meile is on the one hand an important local supply center," reports Andreas Heibrock, "on the other hand it is also a center with a trendy fashion and lifestyle range on offer."
The investment property includes also an office tower providing around 15,000 m² of space of offices and medical practices. Main tenant is the city of Hamburg. "The office tower together with the four other towers forms the largest administrative complex in Hamburg. Around 2,500 employees are working here," explains Dr. Ludwig Vogel, ECE Director responsible for the transaction. "Due to the good infrastructure and the high-density residential area in the direct environment, high customer frequency is ensured in the long-term."
ECE is one of the European market leaders for shopping centers in city centers. Currently, ECE manages 132 centers, another 20 are under construction or planned. The team comprises 100 center managers, who are trained in the company's own 'center management college', as well as 50 leasing specialists. ECE was advised by White & Case.
The Bruhn Group was founded in Hamburg in 1954. They develop and construct apartments, office properties and shopping centers for its own portfolio. In the course of the transaction process, Bruhn was advised by HANSA PARTNER and CMS Hasche Sigle.
Real I.S. also has a high level of expertise in retail and manages via investment companies an overall space of 160,000 m². The commercial properties include shopping centers as well as large-scale retail and high street properties. The overall investment volume of Real I.S. in retail real estate amounts to around 430 million. Rödl & Partner advised Real I.S. in this transaction.