IC Immobilien : ensures that the Humboldt-Center in Zittau is fit for the future

Monday, May 23, 2016

The IC Immobilien Group has let approximately 7,400 square metres to REWE Markt GmbH in the Humboldt-Center, the 18,100 square metre centre managed by the company at Hochwaldstraße 25 in Zittau. The object, built in 1992, is being repositioned by the IC Immobilien Group and is undergoing an extensive modernisation programme which is scheduled for completion by the end of 2016. The property's owner is investing around €5.5 million in the programme. As the redevelopment work proceeds, REWE continues its operations via a sales marquee. As a direct result of the Humboldt-Center's strong positioning, and in combination with the sustainability benefits delivered by this substantial investment, long-term lease extensions have been agreed with a number of tenants, including REWE. In taking up additional sales floor space, REWE's concept is now targeting the provision of a broader range of food and everyday consumables. In addition, specially selected tenants will be positioned in the centre to complement and expand upon REWE's offer. The IC Immobilien Group has entered into negotiations with a number of potential regional and national tenants from the fashion, flower, lottery and jewellery sectors, as well as with a hair salon, and has already successfully concluded the first lease agreements.

In addition to REWE, the tenants toom Baumarkt GmbH and Deichmann SE have also committed to early extensions of their leases. Toom leases 8,400 square metres and Deichmann is doubling its floor space. One of the centre's other tenants is the major pet supply store Scharf. Following completion of the modernisation programme at the end of 2016, the Humboldt-Center will be fully-let.

'With our new concept, modernisation programme and long-term leases, it is clear that all of the centre's stakeholders -the owner, tenants and management- are committed to the common objective of positioning the Humboldt-Center for a profitable, long-term future', said Heiko Dietel, Managing Director of IC Asset Management GmbH, a 100-percent subsidiary of the IC Immobilien Group, and responsible for asset and fund management. 'This successful modernisation is a clear endorsement of the strength of Zittau.'

The IC Immobilien Group provides asset management, property management, fund management and letting services to the property's owners, BBV Immobilien-Fonds Nr. 8 GmbH & Co. KG, a closed-end real estate fund, as well as project management services in relation to the centre's modernisation programme.