Extensive renovation and redecoration of the existing and fully operational shopping centre complements the extension already commenced in 2016
HAMBURG, 27-Mar-2017 — /EuropaWire/ — TH Real Estate and ECE have started the extensive refurbishment of the PEP shopping centre in Munich Neuperlach. The ceilings, lighting and furnishing of the existing mall will be renewed to adapt the centre to modern needs and create the pleasing ambiance that today’s consumers look for. This also includes new sitting areas, sanitary facilities, a kid’s corner and other measures to enhance the overall shopping experience. Work is mostly carried out during the night so that the shopping centre can be operated as usual during daytime.
The refurbishment is another measure to fully reposition the shopping centre. It also includes additions to and an enhancement of the overall tenant mix as well as a re-launch of the marketing and service concept. The refurbishment complements the centre extension that is already under way and has been undertaken in order to bring the existing building part’s appearance in line with the newly erected parts of the PEP where construction started in August 2016.
The refurbishment of the existing spaces alone represents an investment of about EUR 12 million. The extended centre will have an additional 7,900 square metres of sales area, which brings the total sales area to almost 58,000 square metres. The northern car park has been demolished in 2016 to make room for the extension building. Until the completion of the works, clients may use alternative parking spaces on the Hanns-Seidel-Platz opposite. The completion of the refurbishment and extension are expected for the spring of 2018. Planning of the refurbishment is the responsibility of ECE that has managed the PEP since 1989; the design has been provided by the architects Broadway Malyan.
The fashion store chain Primark signed its first lease for a store in Munich and will open its doors in the newly erected part of the shopping centre once the works have been completed. In view of further optimising the tenant mix, there are also medium term plans to enhance the dining experience with casual dining concepts that combine fresh products and swift service. Current anchor tenants in the PEP already include H&M, P&C, Kaufland, EDEKA and Saturn, the electronics retailer.
“The refurbishment of the whole shopping centre gives the entire PEP a facelift and will create an attractive, modern shopping experience. We bring all our extensive expertise and experience in the refurbishment of shopping centres to this project,” says Axel Haug, ECE’s centre manager for the PEP.
“The city of Munich is making a concerted effort to develop the quarter in Neuperlach that will benefit the entire vicinity of the PEP. Our initiative will enhance the value potential of the property in this attractive catchment area and make it an appealing port of call in the quarter,” adds Stephan Austrup, TH Real Estate’s Head of Retail Germany.
The PEP is owned by institutional investors. TH Real Estate acts as investment advisor. It opened in 1981 and is one of Germany’s largest shopping centres by turnover with an average 42,000 visitors per day. The extended mall will boast 135 specialist retailers on three levels as Munich’s largest shopping centre. It has suburban rail links via the underground station Neuperlach Zentrum and many city bus stations as well as parking space for over 2,000 cars.
SOURCE: ECE Projektmanagement G.m.b.H. & Co. KG