Utrecht shopping center The Wall acquired by Built to Build and Urban Interest
Utrecht-based shopping and entertainment center The Wall has a new owner. Real estate investment companies Built to Build and Urban Interest announced today that they have jointly acquired the center from its former owner Propertize, for an undisclosed amount.
Built to Build and Urban Interest said that they aim to invest considerably in the center, which first opened its doors in 2009 during the economic and real estate crisis. The crisis resulted in a number of vacant stores at the 62,000-square-meter center. However, by the end of this year, The Wall will premiere a 4,600-square-meter Decathlon branch, which marks both the first apparel retailer and, according to the new owners, a new era for The Wall.
In addition to attracting more tenants, Built to Build and Urban Interest intend to renovate the building and make the project more sustainable to create an “attractive center where retail, leisure and food concepts come together.”
To attract more visitors to The Wall, the investors targets the newly developed Leidsche Rijn area, which will construct up to 20,000 homes by 2025. The Wall will have to compete with the recently premiered Leidsche Rijn Centrum, a retail, office and living destination that is home to retailers such as Hema, Esprit, Holland & Barrett, Bang & Olufsen and Starbucks.
The Wall is currently home to electronics retailers BCC and Mediamarkt; interior retailer, Woononline; and toy retailer Intertoys XL. The center also operates the largest roller disco in the Netherlands, Rocking Rollerz and Play-In, the largest indoor play area in the country.
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