Powerhouse-based UNIBAIL-Westfield dumped at the shopping center, which was famous for the centers of the Westfield-doors on the latest development in the shopping centers last month. Nothing is unusual in it, but with its first appearance, the question is whether it will be the last new mall in Europe, or for any other major developers.
The company also announced a major deal to expand its brand in the Middle East markets, Saudi Arabia. Sands are definitely feeling that they are moving east.
In fact, the days when real estate investors compete for the space for the city’s downtown plans or to build the superior areas outside the city because Europe apparently is implemented when it comes to new shopping mourning.
Europe is declining with gearful investment transformations
After birth there were a few great developments: the URW private center in the Netherlands in The Hague; The St James Quarter in Edinburgh, Scotland and the redevelopment of the famous power plant in London. But each of these had the logical basis for his location.
Instead, the most interesting deals have witnessed over the past 12 months that the Swedish furniture trader, IKEA, who is getting centers in Brighton, Paris and Munich, while the strong sovereign wealth fund in Norway was busy in the United Kingdom and bought the remaining share in developing the huge Midohol in Sheffield. Another real estate giant, Landsec, got Liverpool, while the American investor SVP bought the largest mall in Ireland, Blancheradesown, on the outskirts of Dublin.
For its part, Westfield-(Hambiorj-Opersoye sits at an altitude of 4.5 million square feet in the heart of the huge urban redevelopment on the Elbe River in the port of the German port. It is the new brilliant central piece for residential development and huge office that helped redefine the city, includes food and entertainment, residential blocks, offices, three hotels, and a new cruise station, all connected to the city via the private subway station With it.
The shopping center was opened close to a third of 130 retailers who occupy a new area in the city, as well as 40 additional food and drinks. About 85,000 people gathered to the opening and more than a million visitors flocked to the center in the first two weeks.
Although the German city authorities were keen to be the commercial center in the open air, URW argued that the winter climate made a more practical covered center and that the two parties were at risk in a commercial center at two levels with large windows and bars, in addition to the design of an amazing ceiling and focus on natural light.
“The shopping centers have a very important role in attracting people to renew the surrounding areas.”
“The ambitious projects inevitably extend over a very long time, while I think the frequency of change is increasing at all. It is a project that started in 2014, more than 10 years ago, and we will not imagine it in the same way today,” Rouget added, as it speculated that the next generation of the company’s development program is more likely to focus on the use of current retail centers in Europe and the United States in the United States of America to the official.
URW still runs 15 commercial centers in North America – despite the conspiracy at one time to leave the country – including Westfield Center City at the Los Angeles Center and the Westfield World Trading Center in New York, a number of assets have been sold in Europe and the United States to finance investment in that commercial center that kept it.
Westfield finds a new ground in the Kingdom of Saudi Arabia
In a surprise move, a deal also signed on May 5 with Cenomi centers for a strategic and concession partnership within the Kingdom of Saudi Arabia. Under the 10 -year partnership conditions, which include an option for an additional 10 -year extension, Cenomi centers will license Westfield Brand from URW inside the Saudi Shopping Center market.
The deal appears to be a victory for both sides for both sides. Cenomi Centers, listed on the Saudi Stock Exchange as the SJSC Centers, is the main regional owner, operator and developer of shopping centers, with a portfolio of 21 of the assets in 10 main Saudi cities, and an ambitious development pipeline.
The partnership will initially focus on the leading destinations in the three largest Saudi cities in Jeddah’s essences, the faces of Raydeh, and the Dammam palm, and will eventually include up to eight Cenomi centers centers.
But Hamburg and the deal in the Kingdom of Saudi Arabia also indicate a broader story. The death of retail in Europe was largely exaggerated amid online ambiguity for the years of the epidemic, but retail sales may be developed throughout the continent. The best shopping centers in Europe are in good health, but there is little need for new retail spaces. See East, however, the Kingdom of Saudi Arabia offers tremendous potential at the present time as the country’s rulers are trying to transform its economy away from energy dominance.
URW may have built a global -recognized trade centers with Westfield – and with the Development of New Mall, the strength of this brand only grows.
This story was originally shown on Fortune.com
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