Before the extensive conversion works have even started, PAMERA Asset Management GmbH has concluded long-term lettings of almost 5,900 m² in Dieterich Karree, Düsseldorf-Pempelfort, to EDEKA, Aldi Süd and the Stadtsparkasse Düsseldorf.
EDEKA has taken around 3,900 m², Aldi Süd approx. 1,800 m² and the Stadtsparkasse Düsseldorf almost 220 m². Around 55% of the 10,600 m² of retail space in the property has therefore already been re-let on long-term leases.
On completion of the comprehensive refurbishment in summer 2012 Dieterich Karree will have been converted to a modern and attractive retail location, with a very agreeable shopping ambience. The works include completely restructuring the shopping arcade, including extension and reorganization of the retail units, modernizing the Duisburger Strasse facades, installation of an additional lift for customers and, in particular, refurbishment of the underground car park.
Christoph Wittkop, spokesman for the management of PAMERA Asset Management, which is in charge of the revitalization, comments: "The new owners are investing not far short of 10 million, to make Dieterich Karree attractive once again for the retailers and their customers.
"Its location and large underground car park, with almost 650 spaces, mean that Dieterich Karree is predestined to become one of the most popular local shopping centers in the inner city. These factors are helping us to create a modern shopping experience for the residents and for the entire catchment area."
Retail property specialist SQM Property Consulting, which has been instructed to carry out the continued letting of the space in Dieterich Karree, is already involved in promising negotiations with several interested tenants.
Dieterich Karree is owned by a joint venture of PAMERA Real Estate Group, Frankfurt, and a fund advised by Tristan Capital Partners. The joint venture acquired Dieterich Karree at a sale in execution in July 2011. The mixed-use property, built at the end of the 1970s, was part of the estate of Ignatz Bubis.
Source: Targa Communications
