Hines Taps New Management for Munich Asset

Mira Shopping Centre encompasses more than 250,000 square feet of retail and nearly 11,000 square feet of medical and office space.

Mira Shopping Centre in Munich
Mira Shopping Centre in Munich

Hines has selected Völkel Co. to manage Mira Shopping Centre, a 258,334-square-foot retail asset in northern Munich. The company also chose WISAG to handle the management of the facility, which includes an additional 10,764 square feet of medical and office space.

Hines acquired the property in August 2017 on behalf of a German fund and it intends to reposition the property as a shopping and entertainment center in the city’s rapidly growing Milbertshofen-Am Hart district. The company has already implemented a series of ideas to reduce incidental costs and plans to change the mall’s general areas and entrances, as well as improve accessibility.

Located at 506 Schleissheimer St., the structure is connected to the Dülferstrasse subway station, enabling convenient access to the city center in less than 25 minutes. The property sits approximately 1.5 miles north of BMW Group’s Research and Innovation Centre—currently undergoing the first phase of a nearly $500 million expansion—which is planned to add 5,000 jobs by the end of 2019.

Built in 2008, Mira Shopping Centre contains 60 retail units across two stories and one subterranean level featuring 750 parking spots. The property is home to a mix of tenants including H&M, New Yorker, Aldi and C&A, and Hines is in talks with new potential anchor tenants as part of its repositioning plan. In December 2017, Hines secured a lease with WeWork in downtown Munich.

Image courtesy of Hines