The seller was a special-purpose entity managed by JP Morgan Asset Management, a subsidiary of the US investment bank JP Morgen Chase. The purchase price was not disclosed.
“Dominant shopping centers like Forum City Mühlheim—centrally located and with sustainable concepts—play an important role in portfolio diversification,” explained Katharina von Schacky, Director of Shopping at Commerz Real.
With the current acquisition, there are now 13 shopping centers in the fund portfolio, which represent roughly one third of the hausInvest portfolio of €12 billion. Originally built in 1972, the center was rebuilt in 1993 and 1994 according to plans by the architects Gerkan, Marg und Partner and RKW.
A further revitalization in 2011 produced today’s “Forum City Mülheim.” Over 100 stores have found a home under the covered, 120-meter-long, two-story arcade. The number of annual visitors is around 11.9 million. Commerz Real was legally advised on the transaction by the business law firm Dentons.