MEC, a joint venture between private German commericial property specialist ECE and wholesale retail group Metro, has agreed a deal for ten retail parks in Bavaria from local player HanseMerkur Grundvermögen AG. The total rental space for the "Bavaria portfolio" amounts to just under 60,000 sqm. The price was not disclosed.
According to Christian Schröder, managing director of MEC, “With the acquisition package of the Bayern portfolio, our growth strategy continues to gain momentum.
In addition to the management of classic retail parks and hybrid malls, MEC said it sees the management of smaller retail properties as a further part of its growth. “This enables us to offer even smaller retail locations a professional all-round service from a single source - always tailored to the respective customer needs,” said Schröder. The company recently expanded its team to service these smaller retail parks and mixed-use properties.
MEC currently manages over 75 retail properties across Germany, making it the country's largest retail park management firm. The company’s total assets under management reached €3.5bn in 2019. It generated more than €3bn from a gross lettable area of 1.6 million sqm last year from more than 1,100 tenant across all its locations.
