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Union Investment renews management contract for LAGO Shopping Center with Prelios Immobilien Management

Union Investment has renewed its management contract with Prelios Immobilien Management for the LAGO Shopping Center in the heart of Constance. The service agreement comprises centre management, property management, letting and car park operation.

The LAGO Shopping Center, which has been managed by Prelios Immobilien Management for its owner Union Investment since it was opened in 2004, has a rental area of around 27,500 sq m and roughly 1,000 parking spaces. In the last few months, Prelios has secured leases with new and renowned tenants such as Marc Cain, GANT and Levi’s, which will be open for business by the second half of 2019.

Ralf Schaffuss, Head of Asset Management Retail Deutschland at Union Investment Real Estate GmbH, said: “We are very satisfied with the ongoing success of the LAGO Shopping Center in Constance. Active management, focused tenant selection and continuous, forward-looking optimisation are essential to the sustained success of shopping centres. We look forward to our continuing cooperation with Prelios Immobilien Management.”

Martin Mörl, Managing Director of Prelios Immobilien Management, said: “The renewal of the management contract for one of Germany’s best shopping centres is proof of Union Investment’s faith in Prelios’ expertise and experience. We are delighted by the opportunity to continue managing this special premium shopping centre in the years ahead. We are striving for the continuous development and constant integration of sought-after brands and new concepts at LAGO. In the last two years, 20 new leases have been signed for a total area of more than 4,000 sq m. A number of measures are planned for 2019, such as the implementation of the new, unique lighting and ceiling concept and the opening of new shops.”

More than 10 million visitors come to the LAGO Shopping Center each year. Established tenants on its three floors include H&M, Zara, Massimo Dutti, Tommy Hilfiger, JOOP!, Karstadt Sports and Snipes. In addition to around 70 shops, the shopping centre boasts a Cinestar cinema with nine screens, a fitness centre and a food lounge with eleven cafés and restaurants.

Prelios Immobilien Management currently manages property assets of around EUR 2.2 billion.

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