ECE will operate the center on behalf of real estate investment manager Nuveen Real Estate who holds the asset for a fund. ECE will assume the management from the current operator Unibail-Rodamco-Westfield on July 1, 2019. Along with the re-awarding of the management contract for Erlangen Arcaden, Nuveen Real Estate also extended the management contract with ECE for pep shopping center in Munich by five years. The two companies had only recently implemented an extensive modernization and extension project at pep. This repositioning, which was completed in 2018, resulted in a 20 percent increase of the footfall and the visitors’ length of stay at the center. In addition, it helped to enlarge the catchment area of the center by one million inhabitants.
“We are very pleased that we were able to extend the partnership with Nuveen Real Estate following the repositioning of PEP in Munich and that we were tasked with the management and enhancement of Erlangen Arcaden,” said Henrie W. Kötter, Chief Investment Officer of ECE. “Together with the investment manager and the tenants, we will implement new and creative ideas for the property.”
Erlangen Arcaden was opened in 2007. It accommodates 90 shops on a sales area covering approximately 30,000 sq m. Approximately 400,000 people live in the center’s catchment area. More than 10 million people come to the center every year. Its anchor tenants include Saturn, Thalia, and tegut as well as other popular brands such as dm, H&M, Levi’s, O’Bag, Soestrene Grene, Superdry, and Vorwerk. Nuveen Real Estate extensively modernized the center in 2017 and 2018.