German market, Union Investment has renewed its contract with Prelios Immobilien Management for the management of the LAGO shopping mall in Konstanz, a city in southern Germany on Lake Constance, in Baden-Württemberg. The services agreement covers management of the entire shopping mall, including property management and leases.
"The renewal of the management contract for one of Germany’s top shopping malls reflects Union Investment’s confidence in the experience and expertise of Prelios Immobilien Management,” said Prelios IM Managing Director Martin Mörl. "We are delighted to continue managing this major shopping mall in the future. Over the last two years, twenty new leases have been signed on premises for a total surface area of more than 4,000 square meters. A number of structural additions have already been made this year, such as the lighting system, which, in terms of sustainability too, is an innovation of its kind, and new shops have been opened.”
Opened in 2004, the LAGO shopping mall has a leasable surface area of over 27,000 sq.m, 1,000 parking spaces and more than 70 shops. Every year it welcomes more than 10 million visitors. Under Prelios Immobilien Management, the Konstanz LAGO shopping mall was ranked in first place in the 2017 Shoppingcenter Performance Report Deutschland, after being placed at the top of the ranking in 2012, 2013 and 2014.
On the German market, Prelios Immobilien Management currently manages property assets for an overall value of approximately 2.2 billion Euro.