Rodamco Europe, the largest publicly listed property investment and management company in the retail sector in Europe, will open a new extension to the Allee-Center shopping center in Magdeburg, Germany, today 30 March 2006. The extension adds 10,000 m² GLA of new retail space and 40 new shops to the existing shopping center.
The total development cost of this extension amounts to circa €36 million, of which 50% is invested by Rodamco Europe and 50% by ECE, based in Hamburg, Germany. The net initial yield on investment is 7.5%. The total GLA of Allee-Center, including the extension, is around 35,000 m². The shopping center now has a total of 150 shops and a parking place for around 1,300 cars. Located in a catchment area of one million residents, the Allee-Center shopping center currently attracts 30,000 visitors per day. The extension of Allee-Center supports the upgrading of the city center in Magdeburg. The retail units are leased to national and international retailers, including Saturn, Hennes & Maurits and Douglas.
[ws_format("On the photo: the entrance of Allee-Center in Magdeburg.", 11)]