Ingka Centres has signed an agreement to acquire Pasing Arcaden, a shopping centre in Munich which attracts around 10 million visitors per year.

The shopping centre has over 53,000 m² of leasable area and offers a mix of retail, residential, and workspaces.

It is located in the densely populated Pasing-Obermenzing district to the west of Munich’s city centre and near Pasing station, which attracts 85,000 commuters per day as Bavaria’s third busiest railway hub.

The terms of the deal between Ingka Centres, which is part of the Ingka Group, and Pasing Arcaden GmbH, a subsidiary of Unibail-Rodamco-Westfield Germany, were not disclosed.

The transaction is subject to standard conditions precedent and is expected to be completed during the final quarter of 2024.

Pasing Arcaden will become Ingka Centres’ fifth urban meeting place acquisition following similar transactions in Brighton, Paris, London, and San Francisco. Ingka Centres added that it is also developing new-build meeting places with large mixed-use components in markets such as India and China, and tailoring its approach to the needs of the local community.

Pasing Arcaden has strong sustainability credentials that Ingka Centres said align with its commitment to becoming more sustainable. The shopping centre is energy efficient, with three-quarters of its consumption coming from renewable resources.

“We are really excited to be back in Germany. Munich is a wonderful city that combines vibrant energy with a thriving local culture, making it the perfect home for one of our meeting places,” said Cindy Anderson, Ingka Centres’ managing director. “We see this as a fantastic opportunity to bring the Ingka Centres concept to a shopping centre backed by years of success.”

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