TH Real Estate, on behalf of a private investor, is investing approx. €85m on the repositioning, refurbishment and expansion of PEP shopping centre. PEP has been managed by ECE since 1989 and was mandated by TH Real Estate with the planning of its modernisation.
After nearly two years of this comprehensive modernisation during operation, the opening of the extension will be celebrated on 17 May 2018. Subsequently, PEP will comprise a total of 135 specialist retailers on three levels and will become Munich’s largest shopping centre, bringing the total retail space to approx. 60,000 sq m.
The repositioning of PEP shopping centre includes a comprehensive modernisation, an extension of approx. 8.000 sq m additional sales area, and a new marketing and service concept providing a contemporary atmosphere, state-of-the-art customer services and an improved quality of stay. The additional retail space is making way for new tenants like the fashion brand Primark. Primark will open the doors of its first shop in the Bavarian region. PEP also welcomes additional retailers like Müller drugstore, Dunkin Donuts, Only fashion und Hunkemöller lingerie to further enhance the attractive mix of tenants.
Joanna Fisher, ECE Managing Director Center Management, says: “We are delighted to finally be able to present the new PEP to the public. We welcome new tenants, introduce more gastronomy and provide many new services. This is a big step towards a state-of-the-art service offering, an attractive atmosphere and a high-quality shopping experience.”
Niklas Baldauf, Portfolio Manager at TH Real Estate, adds: “PEP is one of Germany´s largest and best-selling shopping centres by turnover, with an average of 42,000 visitors per day. We have been able to create a sustainability profile for PEP, which also makes a long-term contribution to its future. We are convinced, that this comprehensive modernisation and refurbishment enhances the potential of it and meet with the expectations of our investors.”
PEP shopping centre is located in the inner-city of Neuperlach and it benefits from a large catchment area.
The modernisation is not only the most comprehensive change in the history of the shopping centre, it also supports the city of Munich’s goal of developing Neuperlach from a formerly industrial district into a mixed area for living and working.
It is one of many ongoing projects relating to this site creating a new urban centre of Neuperlach. Housing construction on the Hanns-Seidl-Platz, the development of a new hotel and further restaurant as well as a new ‘citizen and cultural centre’ by the city of Munich are progressing.
The comprehensive changes made on PEP Shopping Centre are also in line with TH Real Estate’s ‘Tomorrow’s World’ approach, which forms the core of its investment strategy.
For all investment decisions, the real estate manager focuses on structural developments and the demands that customers place on the world of tomorrow.