CMC Capital buys German property for €245m

A CORK-based property investment company has purchased Germany’s busiest shopping centre for €245 million.

CMC Capital, the property investment and wealth management arm of Crowley & McCarthy Chartered Accountants, has finalised the purchase of the A10 shopping centre in Germany, where eight million shoppers pass through annually.

The shopping centre has been purchased in a joint venture deal with a British private investment firm.

The A10 centre is 116,500 square meters — slightly smaller than the Dundrum shopping centre in Dublin.

It is the second-largest retail mall in Germany and is located just outside Berlin.

Plans are also in place to further extend the centre by 2009.

The A10 Centre was opened in 1996 and there are 116 retail units located there.

The centre also has a leisure centre with a 14-screen cinema and a 30-lane bowling alley.