KGAL Investment Management has let around 2,300 square metres of retail space at the WEZ in Dortmund to the Swedish non-food discounter Rusta. This marks a significant milestone in the repositioning of the former furniture store, which covers a total area of around 5,000 square metres, carried out in collaboration with AREAL Consulting GmbH. By enhancing the WEZ and improving access to the premises, KGAL has been able to significantly increase the rent levels.
KGAL had developed a forward-looking conversion concept for the WEZ in order to position the property sustainably on the market. The retail space, which previously spanned two floors, was reorganised so that the ground floor and first floor can be accessed separately and let independently of one another. A new entrance connects the ground floor directly to the existing retail areas in the southern part of the centre. The spaces on the upper floor will have their own entrance as well as separate parking spaces. There are already prospective tenants for the remaining rental spaces.
“The new lease with Rusta demonstrates the potential that can be realised through active asset management, even with large-scale existing properties,” says Ferdinand Geiger, Head of Technics & Specialists at KGAL. “Together with AREAL, we have significantly improved the quality, visibility and accessibility of the premises. The success of this letting confirms the viability of our approach.”
“With its well-established location and newly created retail space, WEZ offers us excellent conditions for our continued expansion in Germany,” says Mikael Ekeroth, Country Manager for Rusta Germany. The Swedish non-food discounter was founded in 1986 and offers a wide range of products for the home, household and leisure. The company operates more than 250 stores in Sweden, Norway, Finland and Germany and employs over 5,000 staff. The store in the WEZ will be Rusta’s eleventh outlet in Germany.
