Further to the announcement made on February 13, 2014, and to the regulatory approval granted by the European Commission on May 6, 2014, Unibail-Rodamco has closed the acquisition of a stake in CentrO, Oberhausen. The stake was acquired from Stadium Group, original developer of the asset, while Unibail-Rodamco will enter into a partnership with CPPIB, which also owns a stake in CentrO.
CentrO is one of Germany’s largest and most successful shopping centres. The Group’s German platform now includes 1.5 mln m² and 27 malls, of which 20 are managed for third parties by mfi. In addition, mfi plans to deliver the Recklinghausen, Mönchengladbach and Osnabrück developments between H2-2014 and 2016 for an additional 110,000 m² of GLA.
This investment in CentrO will be consolidated under the equity method. It is financed from existing bank lines.