Credit: QUARREE Wandsbek
Ticker

Multiplex operator CinemaxX extends rental contract in QUARREE Wandsbek by 15 years

Support from Union Investment during lockdown phases / Comprehensive cinema renovation planned for spring 2021 / Reclining seats that are adjustable at the touch of a button open up new dimensions of cinema comfort.

The CinemaxX in Hamburg’s QUARREE Wandsbek shopping center has been an institution in the Hanseatic city’s cinema landscape for almost 20 years. Now the multiplex operator CinemaxX has extended its lease with the owner of QUARREE Wandsbek, Union Investment, by 15 years, thus emphasizing its commitment to the location Hamburg-Wandsbek. In the context of the lease extension, extensive conversion measures for CinemaxX Wandsbek will also be announced, in which Union Investment will participate with a significant construction cost subsidy of 1.5 million euros for the conversion in spring 2021.

“We are very pleased to continue our long-standing cooperation with CinemaxX in QUARREE Wandsbek and offer our customers in the cinema and the center cinema quality at the highest level. The cinema industry is currently going through an unimaginably challenging time. As a long-standing partner, it is important for us to provide CinemaxX with extensive support in this difficult situation during the second lockdown”, says Ralf Schaffuss, Head of Asset Management Retail Germany at Union Investment.

CinemaxX Managing Director Frank Thomsen adds, “We thank Union Investment for the strong partnership support. It is clear to us that, even in the current situation, we are sticking to our strategic plans, including the successive conversion of our cinemas. We can hardly wait to present our award-winning leather armchairs, the so-called recliners, to our guests at Wandsbek Quarree in spring 2020. Thanks to the recliners, guest can choose the most comfortable position individually in every hall and at every seat, and enjoy maximum legroom with an optimal viewing angle to the screen.

Frank Thomsen continues, “As a corporate group, we firmly believe in cinema and the magic of the big screen. Before the pandemic, there were records in visitor numbers throughout Europe. Moments when you can completely ‘dive in and switch off’ have become rare these days–and more relevant than ever!”

In August, the CinemaxX in Harburg was extensively renovated and equipped entirely with recliners. Further locations throughout Germany are currently being renovated. The extended rental contract with CinemaxX in QUARREE Wandsbek covers an area of around 3,450 sq m. The cinema offers top-class Sony 4K projection combined with a sophisticated sound system in five auditoriums on XXL screens. The multiplex cinema, which opened on November 6, 2000, is one of the four cinemas operated by the company in Hamburg, along with the CinemaxX at Dammtor, the CinemaxX Harburg and the Holi-Cinema. The CinemaxX group is one of the best-known cinema operators in Germany with 31 cinemas and a total of 264 screens in 27 cities.

Sign up for our ACROSS Newsletter. Subscribe to ACROSS Magazine.

Ticker MORE

Landsec welcomes 48,000 sq ft of lettings across its outlet portfolio

Landsec has completed 26 deals with 21 brands in the last ten months across four of its outlet malls, Gunwharf Quays, Braintree Village, Clarks Village and Junction 32. Totalling over 48,000 sq ft, the signings include three relocations and two upsizes, and feature a number of premium brands, such as Kate Spade, Calvin Klein, Tommy Hilfiger and Penhaligon’s.

SPAR Hungary expands e-charging network

After the successful launch of an e-charging network in January 2020, SPAR Hungary continues to expand its nationwide network in cooperation with partner NKM Mobilitás Kft. This is another example of SPAR Hungary implementing innovative solutions that contribute to environmental sustainability and provide high-quality service to customers.

Vastned announces new financing

Vastned, the listed European retail property company focusing on ‘venues for premium shopping’, announced the Vastned Green Finance Framework, and has agreed a new committed Green Revolving Credit Facility under this framework of € 40 million, in which ABN AMRO and Rabobank each participate for € 20 million.

All DÄNISCHES BETTENLAGER stores will be converted to JYSK

During the autumn of 2021, the name DÄNISCHES BETTENLAGER will be changed to JYSK.

ADLER begins restructuring in insolvency proceedings due to Corona – related burdens

The management board of Adler Modemärkte AG filed an application for the opening of insolvency proceedings in self-administration pursuant to Section 270a of the German Insolvency Code with the local court of Aschaffenburg on 11 January 2021.

Savills IM acquires 38 supermarkets in Denmark for new European Food Retail Fund

Savills Investment Management (Savills IM), the international real estate investment manager, has launched a European food retail–focused fund, the Savills IM European Food Retail Fund.