New signature of a firm 10-year lease agreement with KIK, the German market leader in discount textile

In the midst of a revitalization phase, the Glückauf-Center in Gladbeck, acquired by MIMCO Capital on behalf of its BUILDIM fund, is adding a new leading name alongside the REWE, ROSSMANN and ACTION groups. The center will also host the German textile discounter KIK.

The mixed retail and office complex represents a surface area of approximately 15.000 sqm of leasable space, of which 10.300 sqm are for retail use and a fitness center managed by the operator McFit. A further 4.700 sqm is used for offices and training areas.

A new 10-year lease agreement was recently signed with the German discount textile chain for a surface area of nearly 674 sqm. The chain will occupy the premises by April 2021.

With more than 26.000 employees and more than 3.800 branches in 12 countries, KIK Textilien und Non-Food GmbH will achieve annual net sales of 2.1 billion euros in 2019. 

"In addition to clothing for the whole family, the KIK range also includes toys, cosmetics, accessories and home textiles at relatively affordable prices. This will enable the Glückauf-Center to attract a very broad customer base with an offer that is suitable for all budgets," says Bernd von Manteuffel, co-founder and CEO of MIMCO Capital.

"KIK has distinguished itself in recent years by implementing sustainable development programs to improve the social, ecological and economic conditions of textile production. As we practice sustainable management of our investments ourselves, we are delighted to count among our tenants actors who share our values", added Christophe Nadal, also co-founder and CEO of MIMCO Capital.

With the arrival of the KIK brand, the occupancy rate of the complex now stands at 78%, compared to 33% when MIMCO Capital acquired the property, an increase of +45% in 12 months. New leases with catering and fast-food companies should be concluded in the coming weeks.  

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