Düsseldorf, Germany, 17 March 2021 – Redevco Germany, the German subsidiary of one of the largest private-sector real estate investment managers in Europe, has signed a lease for the former Karstadt building in the OEZ mall (“Olympia-Einkaufszentrum”) in Munich: SCHMID GmbH, Augsburg, is expected to open its first branch in the Bavarian capital as early as April this year. The shoe and textile retailer, well-known in Southern Germany, is creating Munich’s largest store for women’s, men’s, sports and children’s shoes on a total of 9,500 m². The range is complemented by women’s, men’s and children’s fashion. The lease has a term of ten years.
The property, which has been in the portfolio managed by Redevco since the end of 2010, is directly adjacent to the OEZ and is connected to the mall on two levels. The building was let to Karstadt until 31 October 2020.