Investment manager Oaktree Capital Management and the German family office of the Otto family – CURA Vermögensverwaltung – submitted a bid to buy German shopping mall real estate firm Deutsche EuroShop for a total amount of €1.4BN.
Deutsche Euroshop: major mall owner in Germany
Deutsche EuroShop AG was launched in 1997 as TORWA Beteiligungs AG. Since 2001, the company is listed. Since then, the company established itself as one of Germany’s leading shopping mall investors. Exemplary centers are the Main-Taunus-Zentrum in Sulzbach (52% share) or the Billstedt-Center in Hamburg. The firm also owns properties in Hungary, Austria, Poland and the Czech Republic. The consortium of CURA and Oaktree offered €22.5 per share, which represents a 44% premium to the closing price of €15.63 before the bid. CURA already owns 20% of Deutsche Euroshop.
The Otto family office and its role in German real estate markets
The Otto family is one of Germany’s most-known retail families. Through the Otto company, the firm was the leader in German retail. Fittingly, the family established with ECE one of the leading European retail real estate firms. Main pillars of the portfolio of the Otto family are ECE, ECE Real Estate Partners (fund), Deutsche Euroshop, Ruby Hotels and the CURA Vermögensverwaltung family office.
The presented family office is included in our unique German Single Family Office List. Our list contains the most important investment vehicles of wealthy families from Germany, so-called Single Family Offices. These invest in capital markets, real estate, private equity, venture capital and alternative asset classes.