Migros sells Markt-Galerie in Lörrach
Migros Liegenschaften GmbH has disposed of its last building in Germany. The "Galerie Am Alten Markt" in downtown Lörrach has now been sold to Corestate Capital Group.
The "Galerie Am Alten Markt" in the center of Lörrach has just under 8,000 square meters of leasable space on three levels, three quarters of which is used for retail and one quarter for offices. Built in 1995, the center also offers 260 car parking spaces on two levels. Migros had initially used the property as its German headquarters and inaugurated its first supermarket in Germany there in 1996. About three years ago, the center was leased to users such as Rewe and the textile store Trendhouse. Currently, all available retail space is being used, it says.
Migros' intention to sell the company first became known in early fall 2014. The parties to the contract agreed not to disclose the purchase price now agreed. JLL acted as sole advisor and broker for the transaction. (mr)
