To mark the tenth anniversary of its RiemArcaden shopping center in Munich, Union Investment is renewing its commitment. Opened on 10 March 2004 and comprising 50,000 m² of retail space with over 120 specialist shops, restaurants and cafés, the center will undergo comprehensive modernization at a cost of around €13 million. In addition, as part of a generation change, RiemArcaden will in future be the only shopping center in Europe to be run by an all-female management trio. Center management and facilities management will both be run by women, with the deputy center manager also being a woman.
“RiemArcaden has managed to secure an excellent position in the highly competitive Munich retail market as the local shopping center at the trade show location in Riem, as well as a shopping destination for the surrounding catchment area. We want to develop the shopping center for our customers and equip it for future requirements,” said Volker Noack, the member of the Union Investment Real Estate GmbH management team responsible for asset management. Approximately nine million people a year visit RiemArcaden.
As part of the modernization work, which is due to be completed in October, the overall appearance of RiemArcaden will be refreshed with a new colour scheme and different materials. The façades of the rental areas and the mall architecture are also being revamped. Both in the shopping mall area and in the food court, the quality of the visitor experience will be improved by excellent facilities and the use of new, natural materials. “These improvements and our new on-site team will ensure that the shopping center continues to generate healthy returns over the next decade,” said Volker Noack. Part of the newly created “StadtQuartier RiemArcaden in der Messestadt” district, RiemArcaden was acquired in 2000 at the project stage for the open-ended real estate fund Unilmmo: Deutschland. Alongside the three-storey shopping center with its own multi-storey car park, the ensemble includes the Novotel Neue Messe München hotel, apartments, a cultural center and an office building, covering a total of approximately 105,000 m². The complex is currently 95% let. Situated seven kilometers from the center of Munich, the location has excellent transport links to the city centre and surrounding area via a suburban rail line and access to two motorways.
Source: Union Investment