Evans Randall lets 80 per cent of new food lounge at Stuttgart shopping centre
Evans Randall, the privately-held UK investment banking and private equity group, has let over 80 per cent of the space of a newly created food lounge at its Kӧnigsbau Passagen shopping centre in Stuttgart.
A total of 11 of the 13 outlets have already been let to high profile outlets including Culinasia, QQ-Sushi-Lounge and New York Crepe, ahead of the completion of major reconfiguration and refurbishment works in July 2013, with the remaining two outlets under offer.
Evans Randall announced a substantial reconfiguration and refurbishment project at the centre in November 2012. The works include the creation of new retail units and a high quality food lounge, attracting premium national and international brands and providing a significant uplift in rental income in excess of EUR500,000 per annum. The works began in February 2013 and are due for completion in July 2013.
Kӧnigsbau Passagen was acquired by Evans Randall in 2006 shortly after its opening. The centre covers 27,000 sq metres of retail space, and 18,000 sq m of office space. It features a range of more than 70 upmarket retail, dinning and leisure outlets across five floors, including anchor tenant Saturn, Vapiano and Deutsche Post. Located alongside the historic Kӧnigsbau building, built in 1856 and formerly home of the Stuttgart Stock Exchange, Kӧnigsbau Passagen is the largest shopping centre in Stuttgart, with more than 3.3 million people living in its catchment area.
Major reconfiguration works across the second and third floors of the centre will see the conversion of 28 existing units into 30 new units, of which 13 will be gastronomic outlets in a newly created food lounge. The food lounge, located on the second floor, will feature upmarket outlets creating increased footfall on the upper floors of the centre, ranging in size from 44 sq metres to 143 sq metres.
- How to set up a hedge fund