Signature of a 15-year binding lease with REWE, the giant German large retailer

As the recent owner of the Glückauf-Center shopping complex in Gladbeck, in the German state of North Rhine-Westphalia, and acquired on behalf of its BUILDIM fund, MIMCO Capital will be hosting one of Germany's leading retailers, REWE.

The REWE Group has a worldwide turnover of more than 60 billion euros and 360.000 employees in more than 15.600 stores across 11 countries.

A new 15-year lease has been signed with the food retailer, 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 EUR 500.000 excl. taxes and charges.

"This 15-year lease alone covers more than 50% of the center's vacant space and will make the site very attractive. We are currently in the final stages of negotiations with major retailers in the fashion, fast-food and cosmetics sectors", says Bernd von Manteuffel, co-founder and CEO of MIMCO Capital.

The real estate complex represents approximately 15.000 sqm of leasable space, of which 10.300 sqm is for retail use and a fitness center managed by the operator McFit. A further 4.700 sqm is used for offices and training facilities. The Glückauf-Center also has a 260-space car park in the city center, which will be completely renovated and managed by a specialized operator. 

"We are very enthusiastic about this project. The configuration and standards of the center are outdated, but the location is excellent, and the business area is economically very attractive, which is why we have started the revitalization on this real estate complex in the city center. The Gladbeck administration supports this project which will bring a new dynamism to the city center", continues Roland Schleider, Head of Asset Management at MIMCO Capital.

Within the next two months, the signing of agreements with other well-known brands and companies should be finalized, with the end of the revitalization works scheduled for the first quarter of 2021.

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