Prelios Immobilien Management, the German specialist for commercial real estate, will assume the management of the “Galerie Neustädter Tor” shopping centre in Giessen as contracted by the owner. The agreement concluded as of 1 October includes shopping centre management, letting, technical and commercial property management, and operation of the car park. The six-storey, conveniently located property was built in 2005 and comprises some 32,200 m² of letting space and 1,060 parking spaces. H&M, Media Markt, Müller Drogerie, Jack & Jones, Tegut, Intersport, and Xenos are among the anchor tenants.
Martin Mörl, managing director of Prelios Immobilien Management, commented: “We are delighted with this ambitious new management contract for the “Galerie Neustädter Tor” shopping centre in Giessen. Our task is primarily to reposition the shopping centre and to promptly take the appropriate steps. We see huge potential for optimisation in areas such as the tenant structure, the integration of the shopping centre in the town centre, and in its advertising activities.“
“Galerie Neustädter Tor” is the only inner-city shopping centre in Giessen. The town, located in central Hesse, has around 78,000 inhabitants, and more than 870,000 people live in the catchment area. The shopping centre comprises more than 60 shops on two levels and the property also includes around 500 m² of office space, a four-storey car park, and a popular food court.
“We are currently taking a close look at the shortcomings of the “Galerie Neustädter Tor” shopping centre and are evaluating which measures are appropriate for a rapid reduction in the vacancy rate and to ensure the centre’s long-term success,” added Mörl. “Our active centre management will immediately focus on making perceivable improvements to the quality of the consumer’s experience and time spent in the centre. For example, we plan to design the interior area and letting space more attractive and to expand the food court.“
Prelios‘ service portfolio includes all real estate services for shopping centres and other commercial real estate which are vital to their success – from project development, buy-side advisory, shopping centre management, technical and commercial property management to letting, asset and portfolio management and transaction management. The LAGO shopping centre managed by Prelios has frequently ranked first in the Shopping Centre Performance Report over the last few years.
Source: Prelios Immobilien Management
