Perella JV to buy €300m German shopping centre

The New York-based private equity firm has teamed up with Germany’s Management fur Immobilien to buy the Ruhr-Park shopping centre in Bochum from Dusseldorf fund manager Westfonds for €300m.

A joint venture between New York-based private equity firm Perella Weinberg Partners and Essen-based property company Management fur Immbobiiien (MFI) is reportedly to buy the Ruhr-Park shopping centre in Bochum for €300m.

According to UK commercial property magazine, Property Week, Perella and MFI have prevailed from a shortlist of bidders that also included London-based Resolution Property to buy the 1.2 million square foot shopping centre.

Perella has been actively seeking to deploy capital into European real estate in recent times from its €1.2 billion European private equity real estate fund. The firm was believed to have closely monitored a €1.1 billion sale and leaseback portfolio of BBVA bank branches in Spain led by RREEF Alternative Investments last year.

However, it is believed that Perella pulled out of that investment which was ultimately completed by RREEF, AREA Property Partners and Europa Capital.