Gazit Globe buys second Hamburg center

A Tel Aviv real estate company bought a second shopping center for €23 million.

By AVI KRAWITZ
June 8, 2006 21:43
hamburg center 88

hamburg center 88. (photo credit: )

Tel Aviv real estate company Gazit Globe Ltd. has bought a second shopping center in Hamburg, Germany for €23 million, two months after making its entry into the area. The company said Thursday it paid cash for the 12,572 square meter center, which is located in an affluent neighborhood in South-East Hamburg. It has agreed further to buy a plot of land for future retail development in another suburb of the city. "These acquisitions are part of our strategy to build up a leading business platform in Germany with a focus on strong urban areas," said Amir Gal, president of Gazit Europe. "We intend to expand our presence in Hamburg which is one of Germany's strongest economic regions." The same message was delivered by Gazit Globe at the end of March when it bought its first shopping center in Hamburg for €33m. That purchase was made at the same time the company opened a regional office in the city, employing local managers to look for further acquisitions. The acquisitions are part of Gazit Globe's strategy to bolster its European operations in the shopping center sector.


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