AM sells shopping centres in Pforzheim and Osnabrück to WestInvest

AM NV (Amstelland MDC), which specialises in city centre, shopping centre, housing and office development, has sold Schlössle-Galerie in Pforzheim and Kamp-Promenade in Osnabrück to investor WestInvest. The two multi-functional city centre projects, which are currently under construction, have been sold for a total of €122 milion.

Schlössle-Galerie, which occupies a prime location in the centre of Pforzheim, is a three-storey shopping centre with 17,500 m² of retail space and restaurant facilities, 2,600 m² of office space and parking for 374 cars. One special feature of the shopping centre is its roof garden, which will create an attractive public space. Around 50% of the retail space has already been let. Anchor tenants include Hennes & Mauritz and Deichmann. The parking garage will be operated by Q-Park. Schlössle-Galerie is scheduled to open in the spring of 2005.

Kamp-Promenade, which comprises four different buildings, is an extension of the pedestrian zone in the centre of Osnabrück. The street plan, which represents a departure from the conventional urban planning approach to shopping centres, also features a new public square. The centre will provide 14,000 m² of shops, 2,500 m² of offices and parking for 245 cars. Three-quarters of the space has already been let. Anchor tenants include Saturn (MediaMarkt) and Esprit. Kamp-Promenade is scheduled to open in September 2004.

The planning concepts for both projects were devised by T&T Design, AM’s in-house design group. The architects for Schlössle-Galerie are T&T Design and RKW Architecten. The architects for Kamp-Promenade are T&T Design and Lindemann & Partner. WestInvest intends to place these shopping centres with its Westinvest Interselect open-ended property fund.

Growth in shopping centres
The Pforzheim and Osnabrück projects are part of AM’s strategy of growth through shopping centre and city centre development on a European scale. With the completion of these two projects, AM will have realised a total of five projects in Germany. AM has multi-functional city centre projects in the pipeline for several other German cities.

Source: Am N.V.

Related News