No less than 48% of all German shopping centres are in need of revitalisation, according to a survey by Portuguese shopping centre specialist Sonae Sierra and German market research firm GMA. The joint survey ‘Shopping centre revitalisations in Germany’ looked at a total of 414 centres in Germany and found 199 properties and a total rental area of around 5.2 million m[sup]2[/sup] (GLA) are in need of refurbishment, Sonae Sierra said in a statement published at EXPO REAL in Munich.
No less than 48% of all German shopping centres are in need of revitalisation, according to a survey by Portuguese shopping centre specialist Sonae Sierra and German market research firm GMA. The joint survey ‘Shopping centre revitalisations in Germany’ looked at a total of 414 centres in Germany and found 199 properties and a total rental area of around 5.2 million m2 (GLA) are in need of refurbishment, Sonae Sierra said in a statement published at EXPO REAL in Munich.
This would require investment of between EUR 5.2 bn and EUR 7.8 bn, but Sonae Sierra and GMA assume that the actual investment amount will turn out to be much smaller and is likely to be somewhere between EUR 2.5 bn and EUR 3.5 bn. Sonae Sierra said it is expanding its portfolio to include revitalisation services to third-party owners.