MIMCO Capital and the European hard-discount giant ACTION have just signed a lease for a firm 10-year term for a retail space of 1.800 sqm at the German Glückauf-Center in Gladbeck, North Rhine-Westphalia. The retail complex had been acquired by MIMCO Capital on behalf of its BUILDIM fund and is currently in the revitalization phase.
The ACTION chain counts 1.500 stores in 2019, spread across the Netherlands, France, Belgium, Germany, Austria, Luxembourg and Poland. The chain employs 46.000 employees and has a turnover of +5 billion euros in 2019.
The new 10-year firm lease represents an annual rent of €164.000 excluding taxes and charges and the store chain should benefit from its 1.800 sqm of surface area by December 2020.
"This signature with a new leading player brings the occupancy rate of the shopping center, already largely leased to the leading REWE and ROSSMANN groups, to 73%. The presence of ACTION within the complex will further enhance the future attractiveness of the site", says Bernd von Manteuffel, co-founder and CEO of MIMCO Capital.
As a reminder, 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.
"We are currently finalizing negotiations with other leading retailers in the fast food, catering and cosmetics sectors to fill the remaining 3.510 sqm of vacant space. The aim is to provide users with a varied offer in the heart of the city", adds Christophe Nadal, co-founder and CEO of MIMCO Capital.
The restructuring works are well advanced, and the opening of the Glückauf-Center is still scheduled for the first quarter of 2021.