Global investment giant TH Real Estate and Germany's ECE have completed the €85m renovation of PEP shopping centre in Munich.
TH Real Estate is investing the funds on behalf of a private investor to reposition, refurbish and expand the centre by around 8,000 m2 to 60,000 m2. The centre has been managed by ECE since 1989.
'We are delighted to finally be able to present the new PEP to the public. We welcome new tenants, introduce more gastronomy and provide many new services,' said Joanna Fisher, ECE managing director centre management. 'This is a big step towards a state-of-the-art service offering, an attractive atmosphere and a high-quality shopping experience.'
With the reopening scheduled for 17 May, PEP will comprise a total of 135 retailers on three levels and becomes Munich’s largest shopping centre.
Ten new tenants are moving in, including the first Primark store in Bavaria, a Müller drugstore, Dunkin Donuts, Only fashion und Hunkemöller lingerie.
'PEP is one of Germany´s largest and best-selling shopping centres by turnover, with an average of 42,000 visitors per day,' said Niklas Baldauf, portfolio manager at TH Real Estate.
'We have been able to create a sustainability profile for PEP, which also makes a long-term contribution to its future. We are convinced that this comprehensive modernisation and refurbishment enhances the potential of it and meet with the expectations of our investors.'