Mapic 2012: London-based European property investor Resolution Property will spend about €30m on the refurbishment of Carre Göttingen, the German shopping centre whose acquisition the firm announced last week.
Resolution paid about €33m for the asset and is now planning an extensive refurbishment programme to transform the one-time department store into “a modern, brand-friendly shopping centre”.
A 2,000 m2 anchor unit will be created on ground and first floor levels and the number of units will be increased.
The 14,200 m2 centre was built in 1974 as a department store and converted to a shopping centre in 1987. It is located at the heart of the historic city of Gottingen and comprises retail across the lower ground to second floors, with the third and fourth floor occupied by a fitness centre and offices.
Brands presently in the centre include Saturn, Dm Tegut and Nanu Nana.
Resolution partner Peter Todd said at MAPIC that the centre aimed to capitalise on unsatisfied demand for large modern units from a number of international and national retail brands not yet present in the town.
Work will start on site in summer 2013 with completion scheduled for the first quarter of 2014.
ERWE Real Estate is development adviser; Prime Real Estate Consulting is the leasing agent.
