CBRE GI bags €145m German shopping center

The Los Angeles-based real estate investment manager has acquired a newly developed 290,000 square foot shopping center on behalf of a separate account client.

CBRE Global Investors, the Los Angeles-based real estate investment manager, has purchased the Glacis-Galerie Shopping Centre for approximately €145 million.

The newly developed shopping center is located in Neu-Ulm, Bavaria, Germany and was acquired on behalf of a separate account client.

The approximately 290,000 square foot shopping center was opened in March 2015 and comprises two floors of retail and two parking floors providing at least 1,100 parking spaces. There are over 90 retail units and retailers include H&M, Zara, Media Markt, C&A, REWE and Ochsner Sport.

“The scheme has an attractive tenant mix with international brands that are not yet present in the area, and because of the high visibility of the center, we expect high footfall. [These] should all be contributing factors for a strong performing shopping center,” commented Ulrich Oppermann, head of transactions, Germany, CBRE Global Investors.

At the end of last year, CBRE Global Investors bolstered its presence in Germany by appointing Marius Schöner as country manager.

Schöner comes with more than 19 years of real estate experience in Europe. Before coming on board at CBRE Global Investors, he was a managing director at BlackRock, responsible for building the firm’s real estate portfolio. He was also an executive director of the fund management division at Morgan Stanley and was part of the team that set up the firm’s open-ended funds business.

On the Glacis-Galerie transaction CBRE Global Investors were advised by SQM as the broker, CBRE as the commercial advisors, Valteq as the technical advisors and Berwin Leighton Paisner LLP as tax and legal advisors.