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DIG's Chief Executive Officer Soud Ba'alawy commented:
"The acquisition perfectly complements our existing retail investment, Hansecenter in Rostock, and adds significant momentum to our strategy of building up a presence in the multi-tenant retail market in Germany. MZ Centre also provides crucial shopping and social facilities to the residents of Reinickendorf, which our planned improvement scheme will enhance further."
Originally developed in the early 1970's, MZ Centre generates gross annual revenue in excess of AED 34.9 million (€7.4 million).
Elaborating on the significance of the acquisition, Duncan Macaulay, Global Head of Real Estate, DIG - Real Estate & Hospitality, said, "MZ Centre offers many opportunities to improve not only the businesses of existing retailers, but also the shopping experience of local residents. We look forward to actively managing the asset with new customer-driven initiatives."
The centre, which was extended by 10,000 square meters in 2002, accommodates 120 tenants, with a weighted-average remaining lease term in excess of 5 years. Anchored by H&M and Woolworths, other well known tenants include McDonalds, Wöhrl, Citibank, Deutsche Bank, T-Punkt, Lidl and REWE.
DIG's investment and planned improvement program assures the future success of MZ Centre and retailing for the Reinickendorf district of Berlin.
DIG was advised on its acquisition by the London and Berlin offices of Colliers International. The property will be managed for DIG by Donaldson Deutschland.
Posted by Janeta Novakovic, Assistant News Editor
