Europa Capital starts phase II of Designer Outlets Wolfsburg (DE)

Europa Capital and its joint venture partner, OCI, have commenced construction of the second phase of ‘Designer Outlets Wolfsburg’, Phase I of which opened in
December 2007.

The second phase of just over 6,000 m² will be completed before Christmas 2013 and will add 31 stores to the existing 53 stores in Phase I. Phase I is 100% leased to tenants including Polo Ralph Lauren, Tommy Hilfiger, Escada, Desigual, Nike, Puma, Diesel and Levi Strauss. Phase II is circa 60% preleased. New entrants will come predominately from the textile, shoes and accessory sectors.

Designer Outlets Wolfsburg, one of the leading designer outlet malls in Germany, reports strong operating performance, with visitor numbers, average spend and turnover significantly up on 2012 on a
like-for-like basis.

Tom Vail, Europa Capital’s Head of Asset Management for Germany comments "Designer Outlets Wolfsburg continues to outperform our projections with 12% growth in sales for the first five months of 2013 set against the decline in full price sales within Germany for the same period. The completion of the second phase will give the center additional critical mass and build on what is an established and
strong center.”

Hans Dobke, CEO of OCI comments “We are pleased that through our Joint Venture with Europa Capital we have been able to push forward with the Phase II expansion of what is already a successful Designer Outlet Centre. Having planning consent in place for Phase III, the center will ultimately have a total trading space of 100 stores and over 22,000 m² of GLA.”

Source: RLM Finsbury

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