Hines Interests Limited Partnership

06/25/2020 | Press release | Distributed by Public on 06/25/2020 08:01

Successful New Lease for Mira Shopping Center in Munich

(BERLIN) - Hines, the international real estate firm, has signed a long-term lease with food wholesaler Kaufland for the Mira shopping center in northern Munich, Bavaria. Kaufland will occupy over 6,000 square meters of space on the first floor of the center. The necessary construction buildout is already underway. The opening is scheduled for the end of 2021. Hines has now taken an important step in the realignment of the shopping center - with other tenants including Aldi, C&A, H&M, New Yorker and Woolworth.

Christian Meister, Managing Director, Hines, says: 'We are pleased with the successful new lease, which will significantly enhance Mira's profile as a local supply-oriented district center. With Kaufland, we welcome another renowned tenant that fits perfectly into the attractive branch and tenant mix of the property. Moreover, Kaufland is crisis-resistant and long-term oriented and will ensure a high frequency in the Mira shopping center. This leasing success in a challenging market environment for retail properties illustrates the high quality and attractiveness of the Mira shopping center. We are therefore still on track to successfully complete the repositioning toward a lively district center.'

Hines acquired the property on Schleißheimer Strasse, which was completed in 2008, for a German real estate special fund in 2017. Since then, Mira has been developed into a district center with local amenities and a broad range of services. As a food wholesaler, Kaufland has contributed its expertise to the repositioning of the existing property on a partnership basis. In addition, ideas and suggestions for improvement were developed in dialogue with tenants and residents. This has already resulted in the creation of a large lounge area on the first basement floor, which invites guests to linger in the center and promotes joint activities. The facade and entrance areas were also modernized. Special emphasis was placed on the topic of sustainability during the modernization. For example, the Mira is certified according to the DGNB Gold Standard and has the largest facility of all shopping centers in Europe with thermal groundwater utilization for cooling the rooms.

Further leasing successes have already been achieved, particularly in the gastronomy sector. Negotiations are currently underway for additional retail space and attractive sports and leisure facilities. In total, the property has around 25,000 square meters of leasable space spread over three floors, plus 750 parking spaces.

Hines:

Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 205 cities in 24 countries. Hines has approximately $133.3 billion of assets under management, including $71 billion for which Hines serves as investment manager, including non-real estate assets, and $62.3 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,393 properties, totaling over 459 million square feet. The firm's current property and asset management portfolio includes 539 properties, representing over 232 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.