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TH Real Estate & ECE finish €85M modernising Munich Shopping Centre |News
TH Real Estate and ECE have completed a comprehensive modernisation of PEP shopping centre in Neuperlach, Munich.
TH Real Estate, on behalf of a private investor, has invested c.€85 million on the repositioning, refurbishment and expansion of PEP, which has been managed by ECE since 1989. The shopping centre was in full operation throughout the repositioning and refurbishment, lasting almost two years. The centre will comprise 135 specialist retailers over three levels and will become Munich’s largest shopping centre, bringing the total retail space to c.58,000 sq m (c.624,300 sq ft).
The programme of modernisation began in 2016 and includes an extension, a new marketing and service concept with a contemporary atmosphere and improved quality of stay. The additional c.8,000 sq m (c.85,000 sq ft) of retail space is making way for new tenants, such as the fashion brand Primark, which will open the doors of its first shop in the Bavarian region. Other new retailers include Müller drugstore, Dunkin Donuts, Only fashion and Hunkemöller lingerie, providing an attractive mix of tenants.
Niklas Baldauf, Portfolio Manager, TH Real Estate says: "PEP is one of Germany’s largest and best-selling shopping centres by turnover, with an average of 42,000 visitors per day. We have been able to create a sustainability profile for PEP, which also makes a long-term contribution to its future. We are convinced, that this comprehensive modernisation and refurbishment enhances the potential of it and meets the expectations of our investors."
Axel Haug, ECE’s Centre Manager for the PEP, adds: "We are delighted to finally be able to present a modernised PEP to the public. We have welcomed new tenants, introduced more food and beverage, and are able to offer new services, whilst meeting. the needs of our tenants."
PEP shopping centre is located on the inner-city of Neuperlach and benefits from a large catchment area. This modernisation is not only the most comprehensive change in the history of the shopping centre, but also supports the city of Munich’s goal of transforming Neuperlach from a formerly industrial district into a mixed area for living and working. It is one of many ongoing projects in this area creating a new urban centre of Neuperlach, such as housing construction on the Hanns-Seidl-Platz, the development of a new hotel and further restaurants as well as a new ’citizen and cultural centre’ which the city of Munich are progressing. The re-design of the forecourt of PEP will come to an end in 2019.
The comprehensive changes made on PEP Shopping Centre are also in line with TH Real Estate's tomorrow's world approach, which forms the core of its investment strategy. For all investment decisions, the real estate manager focuses on structural developments and demands that customers expect of tomorrow’s world.