Investors to spend EUR 150m on expansion of Altmarkt-Galerie

A consortium of Deutsche EuroShop, TLG-Immobilien and the ECE Group has acquired the Intecta building in Dresden from Augsburg-based Patrizia Group for an undisclosed amount. The consortium plans to invest about EUR 150mln to re-develop the building as part of a 18,000 m² expansion of the Altmarkt-Galerie shopping centre. The re-development, which is due for completion in the autumn of 2010, will expand the mall from the historic old town centre to the Prager Strasse shopping mile.

Located on the corner of Altmarkt/Wilsdruffer Strasse, the new shopping area will accommodate 90 small shops. 'The expansion enables all city centre retailers to better compete with the 'open countryside' and other regions. The Altmarkt-Galerie is a reliable partner for retailers in Dresden, which also underlines our active role in city management and in tourism associations,' said centre manager Thorsten Kemp.

ECE had already secured the old Linde building in Dresden, which will also be re-developed as part of the expanded Altmarkt-Galerie to house offices and a hotel over a total of 5,500 m² on the upper floors.

The mall currently provides 26,000 m² of retail space. Construction work is due to start at the beginning of 2009.