Shopping Centers Today -> April 2004
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IN BRIEF

HEITMAN TO BUY EUROPEAN CENTERS

Heitman, a Chicago-based real estate management firm, will buy a 90 percent stake in 16 Hungarian and three Polish centers for about $610 million (including the assumption of debt). The seller is Plaza Centers Europe, a subsidiary of Israeli firm Elbit Medical Imaging. The properties total nearly 3.5 million square feet. Later Heitman may acquire a 90 percent interest in six more Elbit-owned European centers. Heitman has also formed a $160 million joint venture with New York City-based Polimeni International to build up to 1.5 million square feet of hypermarket-anchored centers in Poland. The partners plan to start building this year. They expect to complete their venture in mid-2006.

GROSVENOR RENOVATING DOLPHIN

Grosvenor is renovating the 462,852-square-foot Dolphin Centre mall, in Poole, England, at a cost of $5.6 million. The Marks & Spencer-anchored center will get a new entrance and ceilings as well as improved lighting and new cafés. The company says it will complete the work by October. Grosvenor acquired the center in January 2003.

WESTFIELD, HERMES RENOVATE EAGLE

Westfield Shoppingtowns Ltd. and Hermes Property Asset Management will undertake a $373.4 million renovation of The Eagle Centre, in Derby, England. The developers will add just over 1 million square feet of retail (including 100 shops and two department stores) to the 550,000-square-foot mall. The addition will consist of two dual-level buildings that will connect to the existing space. Westfield and Hermes expect to complete the project in 2007.



J. SAINSBURY BUYS BELLS STORES

British supermarket owner J Sainsbury acquired the 54-unit Bells Stores convenience chain. The stores, which average 2,000 square feet, are located throughout northeast England. Published reports estimated the deal at $41.9 million.

NORWEGIAN CENTER VENTURE FORMED

Norwegian landlord Steen & Strøm and insurance company Storebrand Livsforsikring formed Kjøpesenter Invest, a holding company that owns nine centers in nine Norwegian cities. Steen & Strøm, which had owned the centers, brought in Storebrand to strengthen its financial base for future growth. Now the companies, which have already been partners on earlier joint ventures, together own 15 percent of this new venture. Private investors own the rest.

RODAMCO BUYS MIXED-USE STAKE

Rodamco Europe acquired 90 percent of DonauZentrum, a mixed-use center in Vienna, Austria, from Sunrise Privatstiftung for nearly $340 million. The center includes more than 1 million square feet of retail space, including such tenants as Esprit, H&M and Spar. It also contains a 137-room hotel and nearly 90,000 square feet of offices. Rodamco says it may expand DonauZentrum’s retail space by more than 160,000 square feet.

 

 

 

 

 

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