German privately-held retail specialist Redos has unveiled plans to invest €60 mln in the redevelopment of Kaufpark Eiche, a hybrid retail complex near Berlin.
German privately-held retail specialist Redos has unveiled plans to invest €60 mln in the redevelopment of Kaufpark Eiche, a hybrid retail complex near Berlin.
'At the moment the German investment market is very keen on this type of hybrid malls which combine a retail park with a shopping centre,' Christine Hager, CEO of Redos told PropertyEU in an interview at EXPO REAL in Munich. 'Our aim is to manage the asset to core and put it back on the market in three to four years' time.'
The project will involve the redevelopment and expansion of the 65,000 m2 retail scheme, with tenants contributing some €20 mln to the project, bringing the total investment to around €80 mln. Completion is planned for early 2017.
Kaufpark Eiche will be the first scheme in the so-called Christie portfolio to be revamped, with the other locations in Dresden and Dallgow to follow in the coming months.
Redos bought the 215,000 m2 Christie retail portfolio at end 2013 in a joint venture with MSREI.