Allianz Real Estate has spent about $415 million to acquire the u201cKu00f6-Galerieu201d on Ku00f6nigsallee, Dusseldorf's luxury shopping mile

DUSSELDORF, GERMANY—Allianz Real Estate has spent about $415 million (approximatley €300M) to acquire the “Kö-Galerie” on Königsallee, D sseldorf’s luxury shopping mile.

The sellers are funds managed by Blackstone and Hamburg-based retail management firm ECE, according to report by European Real Estate Media.

The shopping and office center, in central D sseldorf, is leased to numerous international brands such as Bally, Lacoste, Gant, and Aigner. The retail area is about 20,000 m² with 90 shops spread over three floors.

The modern office area covers nearly 30,000 m² on seven floors above the shopping center. The office area was recently renamed “Kö Höfe” to enable a clear differentiation from the retail space when marketing the offices. Center and property management will continue to be provided by Hamburg-based ECE.

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