The shopping center investor Deutsche EuroShop has acquired the A10 Center in Wildau near Berlin from the liquidator (Prof. Rolf Rattunde, law firm Leonhardt Westhelle & Partner) of the previous owner. The total investment, including planned modernization and new development (A10 Triangle) by 2011, will amount to 265 million. The acquisition of the A10 Center marks the 17th shopping center in Deutsche EuroShop's portfolio.
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Entrance of the A10 Center in Wildau, near Berlin.
ECE will be responsible for executing the new development as well as the rental and long-term management of the entire center. A long-term loan of 150 million will be provided by DG HYP Deutsche Genossenschafts-Hypothekenbank AG.
"After three years of restrained investment, we again saw an opportunity to acquire an attractive and profitable center for our portfolio", commented Claus-Matthias Böge, Executive Board Spokesman. "A10 is one of the biggest and best known shopping centers in Germany. The A10 Triangle will give this top location a further boost. We therefore took advantage of the opportunity".
Olaf Borkers, CFO of Deutsche EuroShop, added, "We are investing around 60 million in the A10 Triangle. It will not only offer around 11,000m² retail floor space, but will also create an estimated 400 new jobs, meaning that around 1,000 people will be employed at the center by 2011".
The A10 Center was opened in 1996. It currently has around 120 specialist retail units, all of which are let. Anchor tenants at the center include Real, Karstadt Sport, P&C, C&A, H&M, Esprit, MediMax and Bauhaus. The center currently has approximately 3,600 customer parking spaces. After opening of the A10 Triangle in spring 2011, the A10 Center will be home to around 180 shops, offering approx. 66,000 m² of retail floor space; the number of parking spaces will be increased to around 4,000.
Over 630,000 people live within a 30 minute radius of the A10 Center; the catchment area, which is directly to the South of the Berliner Ring in the district of Dahme-Spreewald, has excellent transport links and is close to Schönefeld Airport Berlin-Brandenburg-International (BBI, from 2011 BER Willy-Brandt Airport). Over 1.15 million people live within a 45 minute radius of the center.
Source: Deutsche EuroShop
"After three years of restrained investment, we again saw an opportunity to acquire an attractive and profitable center for our portfolio", commented Claus-Matthias Böge, Executive Board Spokesman. "A10 is one of the biggest and best known shopping centers in Germany. The A10 Triangle will give this top location a further boost. We therefore took advantage of the opportunity".
Olaf Borkers, CFO of Deutsche EuroShop, added, "We are investing around 60 million in the A10 Triangle. It will not only offer around 11,000m² retail floor space, but will also create an estimated 400 new jobs, meaning that around 1,000 people will be employed at the center by 2011".
The A10 Center was opened in 1996. It currently has around 120 specialist retail units, all of which are let. Anchor tenants at the center include Real, Karstadt Sport, P&C, C&A, H&M, Esprit, MediMax and Bauhaus. The center currently has approximately 3,600 customer parking spaces. After opening of the A10 Triangle in spring 2011, the A10 Center will be home to around 180 shops, offering approx. 66,000 m² of retail floor space; the number of parking spaces will be increased to around 4,000.
Over 630,000 people live within a 30 minute radius of the A10 Center; the catchment area, which is directly to the South of the Berliner Ring in the district of Dahme-Spreewald, has excellent transport links and is close to Schönefeld Airport Berlin-Brandenburg-International (BBI, from 2011 BER Willy-Brandt Airport). Over 1.15 million people live within a 45 minute radius of the center.
Source: Deutsche EuroShop
