The development of shopping centre Kaiserplatz-Galerie in Aachen (near the Dutch border in Germany) is certain to continue, now that its former owners have sold the project to another developer.
240 million euro investment
Strabag Real Estate and ECE, a major German shopping centre developer, take over the development of the shopping centre from Adalbertstrasse Development Company, in which the two Dutchmen have a considerable interest. Strabag and ECE each take a 50 percent share in the new shopping centre.
Kaiserplatz-Galerie will measure 30,000 sqm, comprising about 130 shops as it kicks off in 2015. So far, the 240 million euro project was funded by SNS Property Finance, which has now also withdrawn from the project.
Mayor of Aachen relieved
The definitive sales agreement has been well received in certain media. Aachen's mayor Marcel Philipp was relieved: “A huge wasteland in the centre of the city will finally be used again.”
When it eventually opens, the new shopping centre will have serious consequences for shops right across the border in the Netherlands, since it will welcome a number of international chain stores that are not yet operating in Aachen, but have outlets in towns like Heerlen, Beek, Roermond or Maastricht.