Retail specialist Ingka Centres has agreed to buy the Pasing Arcaden shopping centre in Munich from developer and operator Unibail-Rodamco-Westfield (URW).
As well as the 46,300 square meter shopping centre, Ingka Centres has agreed to buy around 7,000 square metres of offices and residential property for €388 million.
Ingka Centres is part of the Ingka Group, which includes IKEA Retail and Ingka Investments.
Iconic Pasing Arcaden
Cindy Andersen, Ingka Centres’ Managing Director, says, “We are really excited to be back in Germany. Munich is a wonderful city that combines a vibrant energy with a thriving local culture, making it the perfect home for one of our meeting places. Pasing Arcaden is iconic within Munich and the 1.3 million people who live locally. We see this as a fantastic opportunity to bring the Ingka Centres concept to a shopping center backed by years of success. Most importantly, we look forward to creating a vibrant, inclusive space where the local community can come together to connect, shop, and share experiences. This is our 26th meeting place in Europe, our first back in Germany, and yet another flagship moment for our global growth journey.”
The retail-anchored mixed-use development, which has more than 53,000 square meters of gross leasable area, offers a strong mix of flagship retail, attractive residential units, and work spaces.
Current retail tenants include Müller, HIT, Media Markt, Aldi, H&M, Hugendubel, dm and C&A.
Prime urban location
Pasing Arcaden attracts 10 million visitors per year. Positioned next to Pasing station, which attracts 85,000 commuters per day as Bavaria’s third busiest railway hub, Pasing Arcaden is in a prime urban location accessible to 1.3 million people who live within 30 minutes or less.
Ingka Centres operates 33 shopping centres in 15 countries.
The move by URW is part of a deleveraging plan to sell European and US Regional asset sales.
The deal is set to be completed in Q4-2024. URW will continue to manage the centre for up to 24 months.
URW has also completed the sale of Westfield Annapolis, in Annapolis, Maryland, USA and discussing a further €0.8 billion of disposals with potential buyers.
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