AXA Real Estate Investment Managers announced that, on behalf of its client AXA Property Trust, it has secured lettings with the retailers Seats and Sofas and Dänisches Bettenlager at the Phönix-Center in Fürth.
The center's former bowling alley will be redeveloped to provide a 1,900 m² home for Seats and Sofas, which have agreed a long-term letting. In addition Dänisches Bettenlager has renewed its lease by a further five years for the 781 m² of retail space it currently occupies.
These lettings follow AXA Real Estate's strategy to reposition the Phönix-Center into an attractive retail destination in Fürth through the development of a portion of the centers' leisure area into retail space. Over the past 18 months AXA Real Estate has developed an additional 3,900 m² of retail space at the center which now totals 20,300 m².
These lettings were secured on behalf of AXA Property Trust. AXA Investment Managers Deutschland GmbH provides asset management services for AXA Real Estate. AXA Real Estate is the largest real estate portfolio and asset manager in Europe, with over 42 billion of assets under management as at March 2012.
Matthias Leube, Managing Director of Real Estate within AXA Investment Managers Deutschland GmbH, commented: "The lettings at Phönix-Center are in line with our aim to drive the transformation of the center into an attractive retail location in Fürth. Our ability to both attract new tenants and retain current tenants demonstrates the evergrowing attraction of the property and our success in transforming the area from a leisure to retail destination."
Source: FTI Consulting