Unibail-Rodamco acquires stake in German mall

Unibail-Rodamco has closed on the acquisition of a 50 percent interest in CentrO, a 2.5 million-square-foot mall in Oberhausen, Germany, which was announced in February. The property was valued at $1.48 billion, or $594 per square foot.

The seller is Stadium Group, the original developer of CentrO. The European Commission granted regulatory approval on May 6.

Unibail-Rodamco will own the two-story mall in a joint venture with Canada Pension Plan Investment Board, which acquired a 50 percent interest in 2011 for $1.78 billion from Stadium.

Opened in 1996 and extended by 183,000 square feet in 2012, CentrO features 2.5 million square feet of retail, including a two-story, 1.3 million-square-foot shopping center, 39 restaurants, a nine-screen cinema, a 12,000-seat multi-purpose arena, two adventure theme parks (Sealife Adventure Park and Le