KGAL Investment Management has achieved a significant letting success at the Westfalen-Einkaufszentrum (WEZ) in Dortmund. Approximately 2,300 square metres of retail space have been leased to the Swedish non-food discounter Rusta. This letting marks a crucial step forward in the repositioning of the former furniture store space, which totals around 5,000 square metres and is being implemented in cooperation with AREAL Consulting GmbH.
KGAL has developed a comprehensive conversion concept for the WEZ to establish the property sustainably in the market. Through these measures, which include the upgrading of the centre and improved access to the spaces, the rent level could be significantly increased. The original sales area, which extended over two levels, has been restructured. This enables separate access and independent letting of the ground floor and upper floor spaces.
Structural change and new access
A newly created entrance directly connects the ground floor area to the existing retail areas in the southern part of the centre. The spaces on the upper floor have been provided with their own access and will receive separate parking facilities. There are already interested parties for the remaining rental spaces in the WEZ, which underlines the attractiveness of the newly conceptualised location.
Ferdinand Geiger, Head of Technics & Specialists at KGAL, commented on the significance of the transaction. He emphasised that the new letting to Rusta illustrates the potential of active asset management, even for large existing properties. Geiger further explained that the cooperation with AREAL has led to a significant improvement in the quality, visibility and accessibility of the spaces. The success of the letting confirms the economic viability of the developed concept.
Rusta, a non-food discounter from Sweden founded in 1986, offers a wide range of products for home, household, and leisure. The company operates over 250 stores in Sweden, Norway, Finland, and Germany and employs over 5,000 people. The store in the WEZ will be Rusta's eleventh location in Germany. Mikael Ekeroth, Country Manager Rusta Germany, explained that with its established location and the newly created sales area, the WEZ offers excellent conditions for the company's further expansion in Germany.
