TH Real Estate and ECE have announced the completion of a comprehensive modernisation of PEP shopping centre in Munich Neuperlach. TH Real Estate has invested c.€85m on the repositioning, refurbishment and expansion of the complex, which is managed by ECE since 1989. The opening of the extension is planned for today.
PEP will now comprise a total of 135 specialist retailers on three levels and will become Munich’s largest shopping centre, bringing the total retail space to approx. 60,000 m².
The repositioning of PEP shopping centre included a comprehensive modernisation, an extension of approx. 8.000 m² additional sales area, and a new marketing and service concept providing a contemporary atmosphere, state-of-the-art customer services and an improved quality of stay. The brands joining the roster include Primark, Müller drugstore, Dunkin Donuts, Only fashion and Hunkemöller.
Joanna Fisher, ECE Managing Director Center Management, says: “We are delighted to finally be able to present the new PEP to the public. We welcome new tenants, introduce more gastronomy and provide many new services. This is a big step towards a state-of-the-art service offering, an attractive atmosphere and a high-quality shopping experience."
Niklas Baldauf, Portfolio Manager at TH Real Estate, adds: “PEP is one of Germany´s largest and best-selling shopping centres by turnover, with an average of 42,000 visitors per day. We have been able to create a sustainability profile for PEP, which also makes a long-term contribution to its future. We are convinced, that this comprehensive modernisation and refurbishment enhances the potential of it and meet with the expectations of our investors.”