Projects & Openings Europe

GERMANY

Dreiländergalerie

The planned shopping and service center will be built according to designs by the international architectural firm Chapman Taylor in an urban area close to the Swiss border. The architect’s plans foresee a curved building complex consisting of two interconnected building structures built on a one-hectare plot. The facade will be characterized by large glass fronts and perforated metal panels with different levels of transparency.

The center is planned with a sales area of around 16,500 sq m across about 60 shops. Restaurant space, a daycare center, and a three-story underground parking garage come in addition to this.

Barbara Linnemann, Director of Asset Management at Bilfinger Real Estate and project manager, explained: “The Dreiländergallerie project represents planning and construction on the highest level and is a great and exciting challenge for our team. The shopping center will be a powerful magnet and strengthen Weil am Rhein as an attractive retail location. We look forward to continuing our successful cooperation with Cemagg, all the project participants, and the representatives and citizens of the city.”

ITALY

Adigeo

The shopping center developed by ECE in Verona, Italy will open in spring 2017 under the name “Adigeo.”

The letting of the property is running smoothly: At the end of July, 70 percent of the rental space had been awarded to well-known international and Italian brands. These include multiple Inditex Group labels, like Zara, Bershka, Pull&Bear, and Zara Home; the sneaker and streetwear concept Snipes; Deichmann, C&A, and Guess; and shops by Italian brands such as Piquadro or Carpisa.

Adigeo will have a leasable area of approximately 42,000 sq m and around 130 shops, including a 4,500-sq-m Interspar market, and quality dining options. More than 2,000 parking spaces are available for visitors

After opening, ECE Italia will take over the center’s management. ECE is developing Adigeo in close cooperation with the Italian real estate developer CDS Holding, with CDS Costruzioni as the general contractor. ECE completely took over the development from CDS last year. The investment volume for the mall is around €150 million. The center is expected to create about 1,000 jobs. The property is seeking a LEED sustainability certificate in gold.

AUSTRIA

Eli

On October 13, the Rutter Real Estate Group will open the ELI shopping center in the Austrian city of Liezen. It will have a sales area of around 15,000 sq m across about 50 stores, including CCC, Orsay, Dressmann, and MediaMarkt. It will create approximately 400 jobs. The total investment amounts to €60 million.

With its location in the district capital, Liezen, ELI is located in the heart of the Ennstal. It is centrally located and accessible directly from the Ennstal federal highway. 100,000 people can reach the location by car in only 45 minutes. The directly adjoining railway and bus stations ensure an optimal connection to the public transport network.

In addition, ELI strives to set new standards as a landmark: with the most modern shopping and leisure experience in the region that stands out due to its unusual design. The famous Austrian architects Delugan Meissl Associated Architects and Studio Singer, one of Austria’s most innovative young architecture companies, are responsible for the design.

POLAND

Galeria Libero

Echo Investment recently obtained a building permit for the construction of Galeria Libero (42,000 sq m), which is to be built on Kościuszki Street in the southern part of Katowice. The investor also concluded a contract with the city authorities concerning the road layout around the facility.

The advanced commercialization process is in progress. Contracts have already been signed with Alma Market, which is to open a delicatessen with an area of nearly 1,900 sq m in Libero. Media Markt promises an outlet with a completely new interior design. Echo Investment is planning to create the largest entertainment and sports offer in the region.

The company has already signed contracts with the Helios cinema operator as well as Fabryka Formy—a chain of fitness clubs. Libero will also include the “Food & Ball” sport pub – a new concept of Arkadiusz Milik, a representative of Polish football who plays for Ajax Amsterdam. Tenants also include the Apteka Europejska chain of pharmacies, which is very popular in Silesia, as well as the Lancerto chain of outlets offering men’s fashion. Advanced negotiations concerning sports-, education- and entertainment-related concepts are in progress.

FRANCE

L’Avenue83

Altarea Cogedim recently celebrated the opening of L’Avenue83. Located in one of France’s vigorous shopping areas, the open-air Toulon-La Valette mall houses 70 shops and kiosks on an area of 51,000 sq m as well as 20 restaurants with outdoor terraces. The center was designed by Jean-Michel Wilmotte.

An area devoted to fashion is anchored by the Primark brand, which opened its eighth French department store here, and a leisure area features a 16-screen Pathé multiplex. L’Avenue83 has already welcomed over 1 million visitors in less than two months after its opening. In addition, the loyalty program (with more than 37,000 customers registered to date) that powers the Digital Factory was successfully rolled out on the site. During the first week, the website had nearly 100,000 visits and the mobile app had more than 50,000 visits.

FINLAND

Lippulaiva

Citycon will invest in the Lippulaiva shopping center development project, located in Espoonlahti, in the Helsinki area. The plan is to demolish the current mall and build a completely new, modern, and urban shopping center that will be double the size of the current one. The new Lippulaiva’s GLA will be around 42,000 sq m. Citycon’s total investment in the project is around €160–180 million.

The new Lippulaiva will host around 80 shops, cafés, restaurants and services in addition to municipal services and health care facilities. The offering will have a strong focus on groceries and other necessity-driven retail to cater to the everyday needs of the growing catchment area.

The plan also includes integrating the new Espoonlahti regional library and culture center into the mall. The anchor tenants include strong daily retailers such as K-Supermarket, Prisma, Lidl, and Tokmanni.

Citycon sees great potential in the project, as a new Länsimetro metro station and a bus terminal for feeder traffic will be located within the new shopping center as part of the system’s western extension. Lippulaiva’s catchment area has strong purchasing power and it is the fastest-growing area in the Helsinki Metropolitan area. The objective is for the new Lippulaiva to be opened in spring 2020, a few months before the second phase of Länsimetro starts running.

A total of approximately 550 new apartments will be constructed in connection with the new shopping center. The contractor will be the construction company Lehto Group Oyj, with which Citycon has signed a preliminary contract on the construction of the mall.

DENMARK

Viva

The birthplace of Hans Christian Andersen will soon be home to a real-life fairytale: the creation of a new, vibrant, colorful and innovative city center names “Viva.” This shopping revolution is taking place in the very center of Odense, just a few minutes’ walk from the rail station along the main pedestrian street of the city.

The project encompasses a 58,000-sq-m scheme incorporating a 50,000-sq-m shopping center on two levels, an office building, and leisure facilities. The concept is to bring together around 100 retail units in the 6 distinct, themed areas of fashion, sports, home decor, media, children, and food.

Unprecedented in Denmark, Viva wants to break the mold of shopping by providing a new experience designed to excite their senses. The 2017 opening of this new center is awaited by the 500,000 people residing within its catchment area, 190,000 of whom are right here in Denmark’s third-largest city. Klépierre is responsible for the project.

FINLAND

Mall of Tripla

YIT’s project to be constructed in Helsinki has taken another major step forward. The financing contracts for the Mall of Tripla have been signed. This means the contracts regulating construction of the shopping center as part of a joint venture are now in effect.

A consortium consisting of the European Investment Bank (EIB), the Nordic Investment Bank (NIB), Danske Bank, and Handelsbanken granted the project 10-year loans amounting to a total of approximately €300 million, which will finance half of the construction of the Mall of Tripla.

EIB’s share of the financing package is €130 million, NIB’s €100 million, and that of Danske Bank and Handelsbanken around €35 million each. The financing package was coordinated by Danske Bank A/S. The overall value of the shopping center and the parking facility is approximately €600 million, including the cost for design, the plot of land, and financing.

In addition to securing debt financing, the other conditions set for closing the deal—valid building permits and required decisions from public authorities—were also met. According to the agreements signed in May 2016, YIT, Etera, Onvest, and Fennia became shareholders in the project company that is building the Mall of Tripla. YIT’s share in the joint venture is 38.75%, Etera’s 38.75%, Onvest’s 15%, and Fennia’s 7.5%. The Mall of Tripla project is expected to be completed in late 2019.

SERBIA

Rajiceva

Rajiceva will be located in the very center of Belgrade on the main pedestrian street, Kneza Mihaila. Its significant competitive advantage will therefore be its extensive primary catchment area. It will be the first modern shopping center in downtown Belgrade and the only one in the main pedestrian zone. The location is easily accessible by public transport, and has high foot traffic of more than a few hundred thousand people per week.

The primary catchment area of the Rajiceva covers a population of 155,000 inhabitants within a 10-min. drive, excluding foreign and domestic visitors. The primary trade area comprises a radius of 4 to 5 km encompassing the municipality of Stari Grad as a whole and parts of the municipalities of Palilula and New Belgrade. The secondary catchment area will attract a large part of the urban Belgrade area, incorporating over 375,000 inhabitants within a 20-min. drive. It will encompass a radius of 10 to 11 km.

The complex itself is well thought-out and contemporary. It combines natural and industrial materials with high technology, even as it respects the heritage of its historic location. The planners’ aim is to preserve and enhance tradition while responding to Belgrade’s present and future needs with a modern complex of premium standards. Rajiceva will be developed as a part of a mixed-use project, with the second phase incorporating a luxury hotel.

With 15,300 sq m of GLA, the shopping center will feature three underground levels of parking with around 500 parking spaces and six floors of leasable space with more than 80 units that will offer a variety of shops, including exclusive fashion boutiques, fashion anchors, a supermarket, restaurants, coffee shops, a beauty and body treatment facility, and a number of large, medium, and small retail units.

The shopping center will have a distinctive entrance from Knez Mihailova street and one from Kralja Petra street—the main pedestrian streets in the area—as well as entrances from Pariska and Uzun Mirkova streets. The project is managed by ABD d.o.o. and was initiated by the partners Ashtrom Group and Avital d.o.o.

POLAND

Stop Shop Szczytno

Immofinanz is continuing with the rapid expansion of its retail park chain Stop Shop: Its 57th store was recently opened in the Polish town of Szczytno. It is the third project completion within two months, after Niš in Serbia and Swinoujscie in Poland.

Other locations are already set: The next Stop Shop will be completed in the Serbian town of Valjevo this fall, while preparations are already underway for retail parks in Pultusk and Gdynia, Poland. This brings the number of Stop Shops to 60.

“We are banking on rapid expansion in Central and Eastern Europe with our Stop Shop brand and offer our retail customers broad market coverage in several countries. In the coming five years or so, we want to double our Stop Shop portfolio, making us the leading retail park operator in the region, with more than a hundred sites.” said Oliver Schumy, CEO of Immofinanz.

The retail park in Szczytno is the sixth location in Poland, has a rentable area of 3,600 sq m, and is fully leased. Its tenants include Media Expert, the two shoe shops Deichmann and CCC, as well as Kik, Martes Sport, and Rossmann. The Stop Shop brand concept is based on regional shopping centers in central locations in catchment areas of 30,000 to around 150,000 residents.

The retail parks have a lettable area of 3,000 to 15,000 sq m and provide visitors with plenty of parking, optimal accessibility from the transport network, and high functionality through an attractive tenant mix comprising international and national providers.