UK investment banking and private equity group Evans Randall is planning to refurbish the shopping centre Königsbau Passagen in Stuttgart.
The firm wants to increase the rental income of the property by €580,000 pa through a refurbishment to include a conversion of the 28 existing units into 30 new units, of which 13 will be turned into food outlets.
The refurbishment will start in next month and be completed in June 2013.
The company acquired Königsbau Passagen in 2006. The centre has 27,000 m2 of retail space and 18,000 m2 of office space. Among the tenants are consumer electronics retailer Saturn and restaurant chain Vapiano as well as Deutsche Post.
Chief executive of Evans Randall, Kent Gardner said: “Königsbau Passagen represents a prime retail offer in a fantastic city centre location, and features flexible and attractive retail and office spaces with diverse occupier and consumer appeal.
“This substantial reconfiguration and refurbishment project is the latest demonstration of our ability to creatively asset manage complex, high-value schemes, adhering to our strategy to release additional value through increasing occupier appeal and growing our asset’s income potential.”
