Because of Germany’s highly restrictive building laws for new development projects and the lack of undeveloped land, particularly in inner cities, revitalisation projects have become increasingly important over recent years, and these are now an area of particular focus for us. Many of the country’s existing retail properties have become antiquated over the years and no longer meet the needs and requirements of today’s tenants and shoppers. Through revitalisation, we bring these properties into the new age, developing them into attractive gathering places not only for shopping but also for leisure activities and social interaction.
For us, that does not mean that we simply impose a cookie-cutter concept on a location. Instead, we carefully tailor our concept, taking into account the opportunity for synergies with the surroundings, and closely coordinating with all of the involved parties and local officials. For instance, as real estate becomes ever tighter in Germany, we are finding opportunities to create value through mixed uses, optimally combining retail with other property usages such as office and residential. For us, it is a matter of course with every project we undertake that the communication with property owners, with existing tenants, with authorities and city officials, and with local residents must be transparent and built upon trust. This trust and openness is equally important to us in our coordination with project partners, such as architectural, engineering and construction firms, so that our projects can be realised as efficiently and effectively as possible.