McArthurGlen buys second German scheme for €100m

McArthurGlen, the creator of European designer outlet parks, has bought its second outlet village in Germany, in Neumunster, near Hamburg, for €100m (£67m). The 216,000 sq ft complex will comprise over 100 luxury and high street brands and is due to open in 2009 with construction starting in early 2008. The development is a joint venture between McArthurGlen and Neumunster-based developer Michel Bau. This is the second of McArthurGlen’s German purchases in as many years. In 2006 it purchased a six-year-old outlet centre in Brandenburg which is on track to open in 2009. J.W. Kaempfer, McArthurGlen chairman, said: “The German market has long been an appealing region for McArthurGlen and, since our initial site purchase near Berlin last year, we have worked hard to select the right location and partner for our second outlet village in the country.”