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UniCredit Completes 1M-SF Mall Sale for $446M

BERLIN-The company started the sale of Gropius Passagen in November to a joint venture of TIAA-CREF and MFI Management.

By Robert Carr | Updated on April 19, 2012

BERLIN-WealthCap, a Munich-based subsidiary of UniCredit Bank, has closed the sale of the 1.1-million-square-foot Gropius Passagen mall here for about $446 million. A joint venture of TIAA-CREF and MFI Management was the buyer in the deal, which was first announced in November.

The property, one of the largest retail centers in the city, features 150 stores in the Neukolln district, a strong residential area that is just north of the new Berlin Brandenburg Airport. Anchors at Gropius include Kauflan, Peek & Cloppenburg, H&M, Douglas Group and UCI Cinema.

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