In the federal state of North Rhine-Westphalia, in the heart of the city of Gladbeck, the Glückauf-Center, acquired by MIMCO Capital, is about to change its look: The complete revitalization of the mixed retail and office complex began in March 2020, with the opening of the center scheduled for the first quarter of 2021.
The building, which was built in 1980 and expanded several times, was last modernized in 2004. Faced with aging premises, MIMCO Capital undertook the transformation of the complex with the restructuring of the interior spaces, the renovation of the façade, the modernization of the parking areas and a complete upgrading compliant to the latest standards.
"The sector benefits from exceptional visibility and service with an excellent location in the city center and an economically very attractive business area. With the development of this space, the complex as well as the city center will recover its dynamism." says Christophe Nadal, CEO and co-founder of MIMCO Capital.
The demolition phase of the interior spaces and cleaning was recently completed, and is now giving way to the rehabilitation phase of the 14.447 sqm of rental space, of which 10.300 sqm will be used for commercial purposes and also occupied by a fitness center managed by the operator McFit, and a further 4.700 sqm will be used for offices and training spaces.
A 15-year lease has already been signed with the food retailer REWE, which will take possession of the premises by November 2020, for a surface area of 3.400 sqm, which will represent an annual rent of 500.000 euros excluding VAT and charges.
At the end of the 12 months of revitalization, the center will provide multiple services to users, whether through a diversified offer of shops via major retailers in the food, fast food, fashion and cosmetics sectors, but also a fitness center or improved workspaces. The Glückauf-Center also has a 260-space car park in the city center, which will be completely renovated and managed by a specialist operator.
"We are in the process of finalizing negotiations with other well-known brands and companies that will bring notoriety to the center. With these renowned tenants, we are banking on the rebirth of the center and the sustainability of its activities." highlights Bernd von Manteuffel, CEO and co-founder of MIMCO Capital.
The total investment for this transaction amounts to 13.5 million euros with a potential value of 19 million euros; the work is being carried out under the supervision of GfB Gesellschaft für Baumanagement GmbH with a total estimated budget of +6 million euros.
