Two German malls change hands
In separate deals, two German malls valued at a total of €877 million ($958 million) have been acquired by investors.
AXA Real Estate Investment Managers, on behalf of an AXA insurance company and AXA Selectiv’Immo, a French regulated real estate collective investment undertaking, has acquired a 35 percent stake in Ruhr Park Shopping Center in Bochum, Germany, for €231 million ($253 million).
The 35 percent interest has been acquired from Perella Weinberg Real Estate Fund, which previously owned 50 percent of the center as part of a joint venture with Unibail-Rodamco. As part of the transaction, Unibail-Rodamco has acquired the remaining 15 percent of Perella Weinberg’s stake in the center, increasing its holding to 65 percent, and will continue to manage Ruhr Park.
In other news, the 207,745-square-foot Sevens mall in Düsseldorf is under contract to be acquired by CBRE Global Investors for an estimated price of €200 mi