- Sold to an institutional investor for €116 million
- Located approximately 3 hours south west of Berlin
- Was originally acquired by URW in 2012
Unibail-Rodamco-Westfield (ASX: URW) recently announced the sale of Gera Arcaden in Germany to an institutional investor.
The transaction is expected to be completed in the second quarter of 2022, with the total agreed acquisition cost for Gera Arcaden being €116 million. Based on the conversion rate at the time of writing that equates to just under A$169 million.
URW has a 51% interest in the property, and also said in a release that it entered into a management contract and will continue the asset and property management of the centre through its German third-party asset management business.
Gera Arcaden is a shopping centre in the German city of Gera, which is approximately three hours south west of Berlin.
The centre is located next to the park “Geras neue Mitte”, on the river Weiße Elster, and is served by bus and trams along Heinrichstraße.
The 38,300 square metre shopping centre also includes offices. According to the URW website, the property includes 33,400 square metres of gross lettable area, 90 shops, and 1,309 parking spaces.
URW acquired the property in 2012, with the most recent refurbishment of the property in 2008, with the property BREEAM In-Use sustainability certification rated: Outstanding (Building management, Part 2).
Visitor frequency was reported to be 6 million per year, with the average time spent by visitors at the centre being just over 1.5 hours (91 minutes).