Curzon Capital Partners III, L.P, (“CCP III”) a fund managed by Tristan Capital Partners, and its local operating partner Kintyre Investments (“Kintyre”) are pleased to announce the achievement of key miles stones in the planned restructure of the Stadt Galerie Witten, a centre they acquired together in December 2013 alongside exiting owner Concepta.
Following detailed tenant negotiations and design planning, the owners of Stadt Galerie Witten are pleased to confirm that Saturn and Intersport have signed key 10 year leases that will underpin the initial stage of their planned restructuring program, and the commencement of the related construction works. Existing tenant Saturn and new arrival to the centre with both be taking 2.735 sqm of space and Intersport 650 sqm respectively.
Saturn and Intersport will occupy units in the basement level of the Stadt Galerie Witten, with the initial stage of the planned ca.€3m restructuring program for the basement level being undertaken over the next 6 months. Final planning permission for the works are expected during September. The subsequent anticipated works planned for 2016 will see the revitalisation of the exiting food court, and additional arrival of larger format operators for a newly created 800sqm of rental area.
The construction works are being supported and undertaken by Architects Chapman Taylor, and construction managers Gleeds. Kintyre was responsible for the tenant negotiations.
Adam Pearce, Partner at Kintyre Investments said: “With the support of our retail partners Saturn and Intersport we are pleased to be able to deliver on the first stage of our planned restructure of the Stadt Galerie Witten and underpin the long term position of the centre. Throughout 2016 we aim to continue to work through a program of initiatives aimed at increasing the trading potential for our existing and future tenants”.