Europa Capital has announced it has secured four further key lettings at its Forum Steglitz shopping centre in Berlin, Germany. The centre is now (99%) let.
Existing tenant Lidl, the supermarket chain, has extended its existing lease by 15 years and will grow its store from 1,447 m² to 1,705 m² (+18%). Rossman, the health and beauty retail store will also extend its lease for another 12 years and create a new expanded store of 727 m² (+13%).
Two new tenants at Forum Steglitz include the Berlin ladies fashion store Annette Hentschel, which will occupy 134m² on the ground floor of the centre, and TAKIKI, a new children’s “edutainment” store, which will occupy 290m² on the second floor.
Forum Steglitz is a 31,750 m² shopping centre located on Schlossstrasse, one of the most popular retail destinations in southern Berlin. Retail anchor tenants include H&M, Intersport, Spiele Max, Innova, Strauss Innovation, Reno, Rossmann and Lidl. The centre has a strong leisure offer which includes a Women’s & Mixed Superfit fitness centre and a number of restaurants such as Pizza Hut, Bakery Weidemann, Nickel Fisch, Mago, My Pizza, Aiko Sushi, Minam Asia and Marwelds.
Forum Steglitz opened in 1970 and was acquired by Europa Capital and One Capital in June 2009, following a major refurbishment of the centre by the previous owners in 2006/7. The asset is managed by REAL-ITY GmbH, Berlin.
Stephen Cotton of Real-ity GmbH said:
“Not only do we continue to attract new tenants to the centre who wish to buy into our “Wir sind Berlin” positioning and brand, but we are very pleased our existing tenants continue to show growth in their turnovers justifying their further investment and longer commitment to the centre”.
Tom Vail, Europa Capital said:
“These new lettings underline the success of asset management strategy with this Forum Steglitz investment which we started just four years ago with our partners Real-ITY. It is exciting to see not only a long term commitment from Lidl and Rossman, but also an expanding requirement from these anchor tenants, emphasising the growing significance of this end of Schlossstrasse to the Berlin retail scene.”
For further information please contact:
Nic Fox, Europa Capital Partners: +44 20 7881 6800
Gordon Simpson/Charlotte Whitley, RLM Finsbury: +44 20 7251 3801
Europa Capital is an established real estate fund management group operating across Europe adding value through risk-based acquisition strategies and active asset management on behalf of its investors.
Since 1995, Europa Capital’s Principals have collectively raised 7 real estate funds and committedto over 75 transactions totalling some €7.0 billion across 18 European countries.
The Europa Funds benefit from Europa Capital’s established network of partners across Europe who co-invest in acquisitions made by the Europa Funds. These country and joint venture partner relationships in some cases extend back more than 20 years.
Further information can be found at www.europacapital.com.
Europa Capital is a member of The Rockefeller Group (“RGI”). RGI is a strategic investor alongside Management.
Europa Capital Partners LLP and Europa Capital LLP are authorised and regulated by the Financial Conduct Authority.