ERWE Immobilien AG: KÖNIGPASSAGE in Lübeck to become Civic Centre

Frankfurt (pta025/12.04.2019/15:50 UTC+2) ...
* City of Lübeck signs long-term letting agreement and plans to use location for local services and further administrative uses
* ERWE invests double-digit million euro amount
* Service centre for citizens in heart of Lübeck

Lübeck/Frankfurt/M., 12th. of April 2019. KÖNIGPASSAGE, a shopping centre located in the heart of Lübeck's historic city centre, is also set to become a central meeting point for people living in the north German city. Jan Lindenau, Mayor of the Hanseatic City of Lübeck, today signed the letting agreement for nearly 7,700 m2 of floor space. In future, the city administration will use the site to offer local services and for various other administrative uses. As the owner of KÖNIGPASSAGE, ERWE Immobilien AG, Frankfurt am Main, will draw on its own resources to convert the upper floors of the mall into modern offices and a location for community services in line with the requirements of the city administration. These facilities will be supplemented by a citizens' services office in the ground floor. The parties have agreed a ten-year contract term. Furthermore, the city administration is entitled to two five-year extensions.

"The city administration approached us, as it urgently needs space in a central and easily accessible location in Lübeck to provide a growing number of employees with sufficient space in the near future", explains Rüdiger Weitzel, a member of ERWE's Management Board. "With KÖNIGPASSAGE, we were able to offer adequate space at an attractive site which meets the needs of the city administration in terms of offering local residents an extensive range of services at a central location. At the same time, we can provide city administration employees with an attractive working environment in an innercity location", he adds.

Construction work on the necessary conversion and modernisation measures will begin shortly. It has been agreed that the first surfaces will be handed over by the beginning of 2020 at the latest. Other tenants at KÖNIGPASSAGE will not be affected by the work and stand to benefit in future from a growing number of visitors and employees at the site.
"Consistent with our plans, KÖNIGPASSAGE is set to become a major point of attraction in the historic city centre once again in future and will thus play a key role in boosting downtown Lübeck", comments Weitzel. The planned investments in a double-digit million euro range will significantly enhance the value of this attractive innercity location.

KÖNIGPASSAGE was opened in autumn 1994 with letting space of around 15,000 m2 and sales areas of around 10,000 m2. The shopping centre is situated in the most attractive area of Lübeck's historic city centre opposite the Marienkirche. The architectural scheme implemented in 1994 was basically of high quality. In the middle of the passage, a large light dome offers a welcoming aspect and ensures that the rows of stores are well lit. "By attracting further tenants and extending the range of gastronomy on offer, KÖNIGPASSAGE will once again become a central meeting point for people in the historic city centre", remarks Weitzel.

ERWE Immobilien AG focuses on developing promising downtown commercial real estate in prime locations in small and medium-sized towns and cities with more than 10,000 inhabitants. Projects include office and hotel use, as well as downtown retail space. The company is listed in the Regulated Market (General Standard) in Frankfurt and in the open market on the stock exchanges in Frankfurt am Main (XETRA), Berlin, Düsseldorf und Stuttgart (ISIN: DE000A1X3WX6). ERWE Immo-bilien AG works on its own account and on behalf of third parties to develop projects whose value can be released or significantly enhanced by working with new concepts. As well as recovering the value growth achieved in individual projects, ERWE Immobilien AG also aims to sustainably expand its portfolio and generate substantial revenue growth.

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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