Generali Real Estate and ECE Real Estate Partners have acquired the Pep Shopping Centre in Munich Neuperlach, as part of a 50/50 joint venture.
Generali Real Estate has acquired a 50% stake on behalf of the specialized pan-European ‘Generali Shopping Center Fund’ (GSCF) managed by Generali Real Estate S.p.A. Società di gestione del risparmio and reserved for professional investors. ECE Real Estate Partners has acquired the other 50% stake for the ‘ECE Progressive Income Growth Fund’. The vendor of the asset is Nuveen Real Estate (“Nuveen”), acting as Investment Advisor to the TIAA-CNP partnership, who owned the property in a joint venture.
With around 12 million visitors a year and generating over €250 million a year in turnover, Pep Shopping Centre enjoys a dominant market position as one of the top 5 shopping destinations in Germany. Located in Neuperlach, a dynamic district in Munich, and extending on approx. 70,000 sqm GLA, Pep stands out for its strong footfall, sales figures and full occupancy, driven by an excellent urban integration on a public transport hub and with densely populated surroundings. The excellent tenant line-up includes anchors such as Primark, Edeka, Kaufland, Müller Drugstore, H&M and Saturn, making the shopping center attractive for customers from a wide catchment area. The shopping centre was extensively modernized and expanded between 2016 and 2018, and has been managed by ECE Marketplaces for over 30 years.
