Working in cooperation with HLG Munster, the New York-based investment company Madison International Realty and its German joint venture partner, the Hamburg-based redos Group, have significantly extended the existing Kaufpark Eiche shopping facilities with a new space concept.
Construction work in Ahrensfelde began in February 2016. A total of more than €50m was invested in the extensive modernisation project. This included the targeted enhancement of the centre in terms of its sector and tenant mix. A number of high-profile new tenants have already arrived, including H&M, dm-drogerie markt, Hunkemöller, Parfümerie Douglas, mis-ter*lady and Olymp&Hades.
The sporting goods retailer Decathlon will follow in spring 2018. The integration of a central food court has also doubled the catering facilities at the centre. All in all, Kaufpark Eiche now offers space for 130 stores and restaurants. While shopping, customers can make use of around 3,500 free parking spaces.
"Kaufpark Eiche has been an important centre of economic activity and employment for our municipality for a number of years now. Therefore, we are delighted that the owners have decided to renovate and modernise the shopping centre in order to make it even more attractive for customers, guests and, not least, employees," says Wilfried Gehrke, Mayor of Ahrensfelde, adding that the investment would "create jobs in our community, including for local residents". He noted that the expanded infrastructure and local supply facilities would also benefit the municipality as a whole.
"Kaufpark Eiche has been an important local supply facility for people in the region for many years. The extensive revitalisation has made the centre fit for the future, actively reflecting the changing needs and requirements of consumers and tenants alike. This will help Kaufpark Eiche to remain a major attraction for shoppers in the Berlin area in the long term," explains Carola Obermöller, Managing Director and Head of Investment Management at redos.
"With Kaufpark Eiche, we invested, in line with our strategy, in a leading local shopping centre in Germany with a solid cash flow and potential for value enhancement at one of the most popular investment locations in the Berlin area," comments Matthias Cordier, Madison's Head of Investment in Germany.