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Mar 13, 2011
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Henderson JV to build 120 mln eur German mall

By
Reuters
Published
Mar 13, 2011

LONDON, March 10 (Reuters) - Henderson Global Investors (HGGH.L) said on Thursday it has entered a joint venture with retail developer McArthurGlen to build a 120 million euro ($167 million) designer outlet mall near Hamburg, Germany.

The property investment group's 1.5 billion euro European Outlet Fund and McArtherGlen have agreed to build the Designer Outlet centre in Neumuenster. Construction is scheduled to start in May and the mall is set to open in autumn 2012.

Preleasing for phase one of the mall -- 100 retail units and a gross leasable area of 20,000 square meters -- is ahead of schedule, said Henderson, which opened phase two of its Designer Outlet Berlin with McArthurGlen last year.

Retail property in Germany, Europe's largest economy, is outshining that of its peers, driven by revitalised consumer spending, encouraging economic prospects for 2011, and affordable debt finance.

(Reporting by Karen Foster; Editing by Andrew Macdonald) ($1=.7208 Euro)

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