Multi Development opens EUR 390m Boulevard Berlin

Multi Development's German office has announced the opening to the public of Boulevard Berlin, one of the largest inner-city retail centres in Germany, with a rental space of 76,000 m2, about 160 rental units for retail stores, services and dining concepts and a fitness centre.

The EUR 390 mln project in Berlin-Steglitz has its own integrated Metro station and offers 850 parking spaces and is owned by Dutch listed retail specialist Corio.

'It was great to oversee this project from creation to completion,' said Axel Funke, CEO of Multi Development Germany. Multi Development’s inhouse architectural design company T+T Design was responsible for the masterplan.

The complex was delivered in three phases. The sole tenant of Phase I, which opened in April 2009 with about 25,000 m2, is a Karstadt department store. Phase II - which just opened - is anchored by several international retailers including Hollister and Zara Home which open their first stores in Berlin in Boulevard Berlin. Phase III involves the opening of the restaurant area on the 2nd floor terrace, due for completion in the summer. Until then the centre will be managed by MultiSec Mall Management, and afterwards by Corio.

'With an occupancy rate of nearly 90%, the centre is not fully leased at the time of opening, but the demand for space nearing completion of the centre has once again increased significantly, so we strongly expect that the few remaining spaces will be rented out and be occupied by this autumn,' said Sladjan Marinkovic, Multi Development Germany's head of Leasing.