Commerz Grundbesitz Gruppe (CGG) just signed the deed for the Stadtgalerie shopping center project that is currently under construction in Schweinfurt, Germany. The mall is scheduled to open for business in spring of 2009. Out of a total project volume of approx. €170 million, CGG will acquire a €125-million stake for its hausInvest europa fund.
Exterior view of Stadtgalerie Schweinfurt.
Interior view of Stadtgalerie Schweinfurt.
The project partner of the property, which will have over about 22,500 m² of retail space and 1,240 parking spaces, is ECE Projektmanagement GmbH & Co, Hamburg. The company will also take over the center management.
The mall is being raised in direct proximity to the inner city and right next to main traffic arteries. The city of Schweinfurt has been supporting the project through a series of urban development measures in the immediate vicinity. Through its central and easily accessible location, Stadtgalerie Schweinfurt will provide major value increase potential in a region characterized by high spending power.
This will be the fourteenth retail business property in the hausInvest europa portfolio, bringing the fund's retail real estate share up to 19%.
Source: Commerz Grundbesitz