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Article: Dubai Investment Group Acquires Berlin's Märkisches Zentrum for AED 380 million.
- Article from:
- Middle East
- Article date:
- June 8, 2006
CopyrightCOPYRIGHT 2006 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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DIG - Real Estate & Hospitality, a subsidiary of the Dubai Investment Group LLC (DIG), the global financial investor of Dubai Holding, today announced the acquisition of Märkisches Zentrum (MZ Centre), a 55,000 square meter suburban shopping centre in Berlin, Germany.
The AED 380 million ([euro]88 million) MZ Centre is DIG's second acquisition in line with its strategy to create a German multi-tenant retail portfolio, focusing on assets that offer long-term revenue streams and value-add asset management opportunities. Financing for the transaction is being provided by Merrill Lynch International.
DIG's Chief Executive Officer Soud Ba'alawy ...