DIG buys Berlin shopping centre for Dh380 million

DUBAI — Dubai Investment Group (DIG), an investment company owned by the Dubai government has acquired the Markisches Zentrum shopping centre in Berlin for Dh380 million.

By A Staff Reporter

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Published: Fri 9 Jun 2006, 11:32 AM

Last updated: Sat 4 Apr 2015, 3:23 PM

DIG — Real Estate & Hospitality, a subsidiary of the Dubai Investment Group, the global financial investor of Dubai Holding, yesterday announced that it bought Märkisches Zentrum (MZ Centre), a 55,000 square metre suburban shopping centre in Berlin, Germany.

The Dh380 million MZ Centre is DIG's second acquisition in line with its strategy to create a German multi-tenant retail portfolio, focusing on assets that offer long-term revenue streams and value-add asset management opportunities. Financing for the transaction is being provided by Merrill Lynch International.

"The acquisition 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," Soud Ba'alawy, chief executive officer of Dubai Investment said.

"MZ Centre also provides crucial shopping and social facilities to the residents of Reinickendorf, which our planned improvement scheme will enhance further," he added.

Originally developed in the early 1970's, MZ Centre generates gross annual revenue in excess of Dh34.9 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."

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