Deutsche EuroShop has acquired a 75% interest in the Stadt-Galerie Passau in Bavaria. The proportional investment volume amounts to around €95 million. Investment partner is the ECE Group, which is also responsible for planning, development, leasing and center management. With this investment Deutsche EuroShop again overachieved its annual growth target.
The Stadt-Galerie has been under construction since October 2006 and is scheduled to open in autumn 2008. The shopping center will offer approximately 95 specialized shops on three levels. Nearly two years before the grand opening over 70% of the space has already been leased to well-known retailers. A specialist consumer electronics retailer and a large fashion house are the center's anchor tenants. Approximately 470 parking spaces will be available to customers in the shopping center's parking garage.
The Stadt-Galerie Passau is being built in the so called 'New Centre' of Passau, directly at the central bus station and close to the main station. The shopping center in the center of the three-river city Passau will be easily accessible via a four-lane road. The location can be easily approached: an excellent road network runs directly to the city center. Approximately 410,000 people live in the center's catchment area.
The Shopping Center Company Deutsche EuroShop is Germany's only public company that invests solely in shopping centers in prime locations. The MDAX-listed Company currently has equity interests in 17 European shopping centers in Germany, Austria, Hungary, Italy and Poland.
Source: Deutsche EuroShop