Europa Capital and its joint venture partner, OCI, have commenced construction of the second phase of ‘Designer Outlets Wolfsburg’, Phase I of which opened in December 2007.
The second phase of just over 6,000 m² will be completed before Christmas 2013 and will add 31 stores to the existing 53 stores in Phase I. Phase I is 100% leased to tenants including Polo Ralph Lauren, Tommy Hilfiger, Escada, Desigual, Nike, Puma, Diesel and Levi Strauss. Phase II is circa 60% preleased. New entrants will come predominately from the textile, shoes and accessory sectors.
Designer Outlets Wolfsburg, one of the leading designer outlet malls in Germany, reports strong operating performance, with visitor numbers, average spend and turnover significantly up on 2012 on a like-for-like basis.
Tom Vail, Europa Capital’s Head of Asset Management for Germany comments “Designer Outlets Wolfsburg continues to outperform our projections with 12% growth in sales for the first five months of 2013 set against the decline in full price sales within Germany for the same period. The completion of the second phase will give the centre additional critical mass and build on what is an established and strong centre.”
Hans Dobke, CEO of OCI comments “We are pleased that through our Joint Venture with Europa Capital we have been able to push forward with the Phase II expansion of what is already a successful Designer Outlet Centre. Having planning consent in place for Phase III, the centre will ultimately have a total trading space of 100 stores and over 22,000 m² of GLA.
For further information please contact:
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 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 Conduct Authority.
About Outlet Centres International (OCI):
OCI was founded by Hans Dobke in 1996 and is a specialist developer, owner and operator of Designer Outlet Centres, with a focus on the German market. The holding company, Outlet Centres Internationl (UK) Ltd, is based in London, England with a subsidiary in Germany – OCI (Germany) GmbH.
OCI has extensive experience in the two key industry areas: Development, including site finding, project appraisal, planning, development management, marketing and leasing and Operations, covering active asset management, tenant liaison, centre and retail management, on-going marketing and promotion, financial controlling and reporting.
Since 1999, OCI has developed and managed designer outlet space in excess of 65,000 sqm, including Germany´s first Outlet Centre in Zweibrücken from 2001 until 2008 and the first inner city German Designer Outlet Centre in Wolfsburg since 2007.