CMC Capital buys Germany’s busiest shopping centre

CMC Capital, the property investment and wealth management arm of Crowley & McCarthy Chartered Accountants, has today finalised the €245m purchase of Germany’s busiest shopping centre.

Located off the main A10 motorway ring road in Berlin, the A10 Shopping Centre has an annual footfall of eight million shoppers.

The shopping centre has been purchased on behalf of CMC Capital’s property syndicate investors in a joint venture deal with a UK private investment firm.

The A10 Centre is a major regional shopping centre of c. 116,500 square metres in area, making it the second largest retail mall in Germany.

Plans are also in place to further extend the centre by 2009. The purchase represents an initial yield of circa. 6%.

The A10 Centre, which was opened in 1996, is on a site of circa. 80 acres, and benefits from 4,000 free car parking spaces.

There are 116 retail units located in the main shopping centre, a large DIY retail warehouse unit and a discount retailing area.

The centre also has a leisure centre with a 14-screen cinema, a 30-lane bowling alley as well as a selection of bars and restaurants.