ECE and Strabag Real Estate want to realize Kaiserplatz-Galerie in Aachen (DE)

ECE and Strabag Real Estate jointly want to realize the Kaiserplatz-Galerie in Aachen. This has been announced to day by ECE's Deputy CEO, Gerhard L. Dunstheimer, and the Managing Director of Strabag Real Estate, Thomas Hohwieler at the real estate trade fair Expo Real in Munich.

The joint venture, of which both parties hold shares of 50 % each, acquired plots already intended for a center project at the Adalbertstrasse in Aachen at the end of September from the project management company Adalbertstrasse mbH & Co. KG (P.E.A.).

Aachen's planning committee recommended to the city council in the meeting on October 4 to adjust the already existing realization contract for the construction of the Kaiserplatz-Galerie. The city council will presumably take a decision in this matter on October 24.

The project partners intend to realize the project based on the agreed development plan 891. It provides for the Kaiserplatz-Galerie a sales area of 29,230 m² with approx. 130 shops. The investment volume amounts to around €290 million.

In a video message streamed at the trade fair Aachen's Lord Mayor Marcel Philipp said the following: "The city of Aachen is very delighted that the construction of the Kaiserplatz-Galerie is about to start – the construction of a long awaited measure. Strenuous times lie behind us. We now reached a point at which we found a joint path and at which we are sure: here a piece of quality will be added to our city center. We now want things to make fast progress, we want to see the building growing so that we can soon celebrate an opening in Aachen."

Gerhard L. Dunstheimer, Deputy CEO at ECE: "A years-long deadlocked situation is now coming to an end. ECE has always wanted to become active in Aachen. We are very pleased to be able to realize this great project at such an excellent location together with our established partner Strabag Real Estate."

Thomas Hohwieler, Managing Director Strabag Real Estate: "After the Forum Mittelrhein Koblenz, which we have recently opened successfully with ECE, we are very happy about the seamless continuation of our cooperation in Aachen. In Koblenz, the complete city center benefits from the newly created crowd puller. We are sure that this will also be the case in Aachen."

The project partners acquired another plot at Adalberstrasse for which different development options are currently being talked about with the city.

Early 2013, archaeological excavations will start at the premises of the Kaiserplatz-Galerie; start of construction including excavation of the building pit is scheduled for summer 2013. The opening of the center is planned for fall 2015 or spring 2016.

ECE and Strabag Real Estate successfully realized the Forum Mittelrhein in Koblenz together. They also cooperate as partners in the development of the MILANEO in Stuttgart.

Source: ECE

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