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TH Real Estate and ECE start refurbishment of PEP shopping centre in Munich Neuperlach

PEP shopping centre refurbishment

TH Real Estate and ECE have started an extensive refurbishment of the PEP Shopping Centre in Munich Neuperlach. The refurbishment represents an investment of c.€12m.

The renovation and redecoration complements the extension of the centre, which began in 2016. The extension will create an additional 7,900 sq m (c.85,00 sq ft) of retail space, making way for a total of 135 specialist retailers across three levels at Munich’s largest shopping centre, bringing the total retail space to c.58,000 sq m (c.624,300 sq ft).

The ceilings, lighting and furnishing of the existing centre will be refurbished in order to modernise and create a pleasing ambience for customers. This includes new seated areas, toilet facilities, a kid’s play area and other measures to improve the overall shopping experience. In addition, new retailers will be added to the tenant mix. The refurbishment complements the centre's extension which began in August 2016. There will be no disruption to opening hours, with work carried out after operating hours.

Current tenants that anchor PEP include H&M, P&C, Kaufland, EDEKA and Saturn, the electronics retailer. The fashion brand Primark signed its first lease in the centre and will open its doors in the new extension once works have been completed. In view of further improving the tenant mix, there are also medium-term plans to enhance the dining experience with casual dining concepts that combine fresh products and swift service.

In order to make room for the centre’s extension, the northern car park has been demolished, however customers may use alternative parking space on the Hanns-Seidel-Platz opposite the centre, until the extension is complete.

Stephan Austrup, TH Real Estate’s Head of Retail Germany, comments: "The city of Munich is making a concerted effort to develop the area in Neuperlach that will benefit the entire vicinity of the PEP. Our initiative will enhance the potential value of the property in this attractive catchment area and make it an appealing port of call in the area."

Axel Haug, ECE’s Centre Manager for the PEP, adds: "The refurbishment of the whole shopping centre gives the entire PEP a facelift and will create an attractive, modern shopping experience. We bring all our extensive expertise and experience in the refurbishment of shopping centres to this project."

The PEP has been managed by ECE since 1989. The refurbishment is designed by architects Broadway Malyan, with TH Real Estate acting as the investment advisor. The centre opened in 1981, and is one of Germany’s largest shopping centres by turnover, with an average of 42,000 visitors per day. It has great transport connectivity with suburban rail links via the underground station Neuperlach Zentrum and many city bus stations, as well as over 2,000 car parking spaces.

Issued by Nuveen Real Estate Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Nuveen Real Estate Management Limited provides investment products and services.

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