Hines Awards Management for the Mira Shopping Centre in Munich to VÖLKEL Company

(MUNICH) – Hines, the international real estate firm, has appointed VŐLKEL COMPANY as property manager for the Mira Shopping Centre. VÖLKEL COMPANY, which specializes in shopping centers, will also take control of the facility management contract (WISAG), which has also been newly awarded.

By awarding the facility management to WISAG and contracting VÖLKEL COMPANY, Hines has brought in two highly experienced management partners and now met another prerequisite for the Mira’s new positioning. The first stage consists of optimising the administrative processes and offering up-to-date services for tenants. In addition, new ideas for how to reduce incidental costs have been developed and the first of these has already been implemented.

Hines plans to reposition the center in the long term to establish it as a popular district center with enhanced shopping options, additional services and a pleasant environment in which to spend time. Hines is currently producing a design for the general areas of the mall, the entrances and improved accessibility. There are also talks underway to introduce more entertainment in and around the center.

At the moment, promising talks are being held with existing tenants and new anchor tenants. The first contracts have been signed and Hines is expecting more as this year progresses.

The Mira was built in 2008, covers 25,600 square meters and has about 60 retail tenants, including Rewe, H&M, New Yorker, dm, C&A and Aldi. There is also parking for 750 cars and almost 1,000 square meters of medical and office space belonging to the property. Mira Shopping Centre is very well connected to Munich’s public transport network, with its own direct access to Dülferstraße station on the U-Bahn.

The property has enormous growth potential and is located in one of Munich’s fastest-growing districts, which is characterised by the expansion of the central BMW Group Research and Innovation Centre (FIZ) where up to 15,000 people will eventually work, plus the planned link of the Schleissheimer Straße to the A99 motorway and the various residential developments in the area.

About Hines:

Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 201 cities in 21 countries. Hines has approximately $100 billion of assets under management, including $54.5 billion for which Hines provides fiduciary investment management services, and $45.5 billion for which Hines provides third-party property-level services. The firm has 113 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,262 properties, totaling over 414 million square feet. The firm’s current property and asset management portfolio includes 529 properties, representing over 213 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world.

About VÖLKEL COMPANY:

For more than 13 years, VÖLKEL COMPANY has been overseeing more than 160 properties covering 1.3 million m² with a value of more than €1.7 billion and focussing on retail use, both from Hamburg and its regional offices around the country. These include a large number of shopping centres. VÖLKEL COMPANY considers itself a full-service company and, in addition to centre and asset management, also offers complete property and facility management for commercial properties, including transaction management.

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