The management contract covers operational center and quarter management, asset management and the letting of the mixed-use urban center, with a gross usable area of 340,000 sq m. Unibail-Rodamco-Westfield thus extends the existing management portfolio in Germany to 27 assets and expands its presence to Hessen and the economically strong Frankfurt region.
“With its diverse mix of uses, NordWestZentrum has been a central point of reference for people in the northwest of Frankfurt for decades, whether as a workplace, a destination for excursions or for everyday errands,” said Josef Buchmann, owner of the center.
“With NordWestZentrum, we are taking over the management of a well-managed mixed-use property in a promising market position,” said Andreas Hohlmann, Managing Director of Unibail-Rodamco-Westfield Germany. “The center is an exceptional addition to our existing management portfolio and fits in perfectly with our strategic focus on the development and operation of urban districts. We are therefore very pleased about the great trust that is placed in our work”.
Strategic focus: marketing, positioning, tenant mix and multi-channel
With 94,500 sq m of commercial retail space, NordWestZentrum is one of the largest shopping centers in Germany and is now one of the largest properties in Unibail-Rodamco-Westfield Germany’s management portfolio. Thanks to the direct connection to the city motorway as well as two underground lines and six bus lines directly in the center, NordWestZentrum is optimally integrated into the regional and cross-regional infrastructure. In addition, the quarter has 3,500 parking spaces. The center itself attracts more than 15.6 million visitors annually. Around 3,000 people work in the quarter.
“In the coming years, we will present the center even more strongly as an urban experience area, further develop the digital offerings with targeted measures and further expand the diverse mix of uses that gives NordWestZentrum its special character,” said Olaf Ley, Director of Investment and Asset Management at Unibail-Rodamco-Westfield Germany. The company, based in Düsseldorf, will take over quarter management in NordWestZentrum and, in coordination with the owner company of Josef Buchmann, will promote marketing and positioning as well as the development of tenant mixes, mall spaces and multichannel solutions in the district.