27 July 2021
Union Investment and Edeka extend lease ahead of expiry in Berlin’s ALEXA shopping centre
Property has belonged to Unilmmo: Deutschland since 2010
Union Investment has extended the lease with Edeka in Berlin’s ALEXA shopping centre for a further 10 years. Although the original contract was not due to expire until the end of May 2022, the food retailer took an early decision to ensure that it can stay in the space. Edeka occupies 2,453 sq m of the 60,000 sq m of useable floor space in the shopping centre. Sonae Sierra, which manages the centre, brokered the contract.
Other anchor tenants, including MediaMarkt, ZARA and H&M, extended their leases back in 2019. Union Investment has also invested in upgrading the mall and expanding the food court.
“Extending the lease with Edeka ahead of expiry shows that attractive shopping centres like ALEXA remain in demand, even in tough times. ALEXA is a showcase for new, modern retail concepts. One example is the First Store by Alexa competition which we have supported since 2016. This year’s winner, Artcellation by SURD, will move into its space in October. The planned store is an interactive, multimedia exhibition space with integrated action and interaction areas. It will provide a stage for live DJs, photographers, video artists, artists and authors.”
Ralf Schaffuss, head of Asset Management Retail Germany at Union Investment.
Built in 2007, ALEXA is one of the largest and most popular shopping centres in Berlin. Its name refers to its prime location directly on Alexanderplatz square, a vibrant meeting place in the heart of the German capital. The sophisticated architecture of the four-storey mall harks back to the cosmopolitan style of 1920s Berlin. The property has been held by open-ended real estate fund Unilmmo: Deutschland since 2010.
For Union Investment Real Estate GmbH