ERWE Immobilien AG: Königpassage: Initial space handed over for new Civic Centre

Frankfurt (pta036/07.10.2019/17:00 UTC+2) ...
* Conversion work so far progressing on schedule
* Service centre for citizens in heart of Lübeck
* Planned renaming of arcade, showroom due to be opened in January 2020

Lübeck/Frankfurt am Main, 7 October 2019. Königpassage, the shopping arcade in the historic centre of Lübeck, is well on the way to becoming a new service and community centre. The first newly converted office space was handed over to Lübeck City Administration on Monday. Starting in 2020, the city administration will operate a civic centre in the arcade and combine this with various other administration functions. The first space was handed over two months ahead of schedule. The city administration will start by moving staff representatives to the space now handed over, which has a surface area of 360 m^2 and is located on the second and third floors of the building in Fleischhauerstrasse 37.

The new owner, ERWE Immobilien AG, Frankfurt am Main, first commissioned dismantling activities in May of this year. These activities, which also involved removing and disposing of several escalators that will no longer be required in future, should enable work to begin on the planned repositioning of the arcade. In parallel, a building application for the district office development was submitted to Lübeck's building authorities in mid-May. Approval is expected in the near future and this should enable further space to be prepared in good time for the new civic centre.
"We are delighted to hand over the first space to the city administration earlier than planned and hope it will be possible to meet the agreed schedule just as well in future too", comments Rüdiger Weitzel, a member of the Management Board of ERWE Immobilien AG.

In April of this year, City Mayor Jan Lindenau signed the rental agreement for nearly 7,700 m^2 of space at Königpassage on behalf of Lübeck City Council. In keeping with the requirements of the city administration, ERWE Immobilien AG will convert the space in the upper floors of the building into modern offices and a site for civic services. These premises will be supplemented by a centre for citizens' services on the ground floor.
This letting has altered the focus of the premises and its future use, which is now less dependent on retail concepts. ERWE will inform the general public about the new design scheme and the new name for the arcade in January of next year. A showroom with infor-mation about and images of the redesigned arcade will then be opened in the foyer.

"The service concept is playing an ever greater role at the arcade and we have already seen great interest from providers wishing to move in close to the new centre for citizens' services", adds Weitzel. Specific contracts are expected to be concluded by the end of the year.

ERWE Immobilien AG focuses on developing a highly profitable commercial real estate portfolio. Its preferred sites involve promising downtown locations in German cities and exclusively prime locations in smaller towns and cities. ERWE acquires properties whose potential value growth can be sustainably exploited by introducing new utilisation concepts. This way, the company aims to build a highly profitable and valuable portfolio with substantial revenue growth. ERWE Immobilien AG is listed in the Regulated Market (General Standard) and in open trading on the stock exchanges in Frankfurt am Main (XETRA), Berlin, Düsseldorf and Stuttgart (ISIN: DE000A1X3WX6).

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Emitter:	ERWE Immobilien AG Herriotstraße 1 60528 Frankfurt Germany
Contact Person:	Christian Hillermann
Phone:	+49 40 320 279-10
E-Mail:	office@Hillermann-Consulting.de
Website:	www.erwe-ag.com
ISIN(s):	DE000A1X3WX6 (Share)
Stock Exchange(s):	Regulated Market in Frankfurt; Free Market in Berlin, Dusseldorf, Stuttgart