Around two-thirds of all shopping centres in eastern Germany require long-term revitalisation for the first time, according to a research report by German listed company IVG. Most of the shopping centres were built after re-unification in the 1990s, often with little expertise, the report said. All in all, two-fifths of the German shopping centre stock is in need of an overhaul. IVG puts the total refurbishment costs for German retail properties at between EUR 9.5 bn and EUR 12 bn in the next few years.
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