Hines, the international real estate firm, has purchased the Mira Shopping Centre in the north of Munich on behalf of a German special real estate fund, from a fund managed by GLL Real Estate Partners. In the long term, the property is to remain in the strategic holdings of the special investment fund and be developed further according to a new concept. Hines acted as acquisition manager and will be responsible for asset management. The purchase price was undisclosed.
The Mira Shopping Centre was built in 2008, covers 258,334 ft² and hosts around 60 retail tenants, including Rewe, H&M, New Yorker, dm, C&A, Aldi, Deichmann, Hunkemöller, Douglas, Woolworth and Expert. The property also boasts 754 parking spaces and around 10,764 ft² of medical and office space. The Mira Shopping Centre is very well connected to Munich’s transport network (MVV) through a direct entrance from the Dülferstraße train station.
Hines plans to reposition the Centre in the long term and establish it as a popular hub for the district. Hines is already involved in promising conversations with current retailers as well as other potential vendors offering innovative store concepts. The property is located in one of the fastest growing districts of Munich which is being shaped by the expansion of the central BMW Research and Innovation Centre (FIZ) where up to 15,000 people will be employed; the planned connection of Schleissheimer Straße to the A99 highway, as well as various residential developments in the surrounding area.
Regarding the location, Alexander Möll, Managing Director of Hines Immobilien, stated: “The Mira Shopping Centre is located in a part of Munich with outstanding prospects and boasts an excellent connection to public transit. This will be further improved by the direct connection to the highway, which will provide access to new catchment areas. After the Düsseldorf Arcaden, the Mira Shopping Centre is the second shopping centre we have acquired for the special real estate fund in Germany. We would like to continue to build on this commitment.”
