Rodamco Europe has completed the signing of the purchase of 90% of the DonauZentrum in Vienna, Austria, as announced on 22nd December 2003, after having obtained the necessary approval from the Austrian Kartellamt. The transaction will take effect as of 31 December 2003.
The Donauzentrum is one of the largest, most dominant retail centres in Austria, and includes a 97,000 m2 shopping/entertainment centre, a 4-star 137 room hotel and some 8,000 m2 offices. The purchase price for Rodamco Europe’s 90% share amounts to € 270 million.
Part of the transaction is also the acquisition of the management company, which will be headed up by Mrs. B. Breiteneder during 2004. The purchase of the Donauzentrum fully fits Rodamco Europe’s strategic focus of acquiring dominant shopping centres with large catchment areas in key European cities.
The Donauzentrum shopping centre, which will rank as second largest asset within Rodamco Europe’s portfolio, is a dominant centre located in a large affluent catchment area of 1.85 million residents within 30 minutes driving time in the northern part of the city of Vienna. It has excellent public transport facilities. The (first phase of the) shopping centre opened in 1975 and a number of extensions over the last 25 years have increased the total lettable space to 112,000 m2. The centre has 2,750 parking spaces and has a strong tenant mix, including Spar, C&A, H&M, Kleiderbauer, Esprit and Mango. The centre is almost 100% occupied, attracts approx. 18 million visitors a year and has a gross turnover of approx. € 275 million. An extension of the centre is considered and will add another 15,000 m2 retail space.
Source: Rodamco Europe