Significant increase in occupancy level in 2012 due to pro-active asset management
Europa Capital is pleased to announce that it has secured two further lettings at its Forum Steglitz shopping centre in Berlin, Germany. Pizza Hut, the global food chain, has taken a 500 sq m new lease on the ground & first floor of the centre, and RENO, the footwear retailer, is expanding its space from currently 492 sq m in the basement to a two floor store of 1,200 sq m on the ground and first floor. Vacancy in the retail mall is now less than 2%.
Forum Steglitz is a 31,750 sq m shopping centre located on Schlossstrasse, one of the most popular retail destinations in southern Berlin. Retail anchor tenants include H&M, Intersport, Esprit, Spiele Max, Innova, Rossmann and Lidl. The centre has a strong leisure offer which includes a Women’s & a Mixed Superfit flagship fitness centre in Berlin and a number of restaurants such as Bakery Weidemann, Nickel Fisch, Mago, My Pizza, Aiko Sushi, Minam Asia and Marwelds.
This recent letting success follows a strong year for Forum Steglitz, during which Europa Capital and its asset manager, Real-ITY GmbH, have significantly increased footfall to the centre, reduced vacancies and increased turnover. Last year, footfall increased 8.4% and is now the highest it has been since the centre first opened. According to Stephen Cotton of Real-ITY GmbH the centre has generally outperformed the retail market in Germany, in terms of turnover growth for 2012 over 2011. This has been driven by active asset management on the part of Europa Capital and its local partner Real-ITY and there are a number of initiatives underway to further enhance income and tenant profile in 2013 with a number of tenant inquiries that we are trying to accommodate in the medium term.
Forum Steglitz opened in 1970 and was acquired by Europa Capital and One Capital in June 2009. The asset is managed by REAL-ITY GmbH, Berlin.
Nic Fox, Europa Capital, said: “We are pleased to welcome Pizza Hut to Forum Steglitz and to announce that RENO has taken the decision to lease more space at the centre. Forum Steglitz has become one of Berlin’s key retail destinations and, following a successful few years since our acquisition of the asset, we look forward to working with our partners and tenants as we continue to add value to the site and increase footfall.”
For further information please contact:
Nic Fox, Europa Capital Partners: +44 20 7881 6800
Gordon Simpson/Charlotte Whitley, RLM Finsbury: +44 20 7251 3801
About Europa Capital:
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 committed to 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 Services Authority.
