Timely completion despite Covid: LLB Immo KAG celebrates the renovation of the success project Center Alt-Erlaa
Vienna, 5 November 2020. Despite the lockdown in spring, LLB Immo Kapitalanlagegesellschaft m.b.H. was able to complete the renovation work of the 19,000m2 Center Alt-Erlaa in a timely manner. The Center was re-opened on 1 April 2020, the formal opening was rescheduled to take place within the scope of the autumn festival.
Already since 2015, the Center Alt-Erlaa located in Vienna’s 23rd district has formed part of the retail fund LLB Semper Real Estate which has received multiple awards. Subjected to a comprehensive modernisation between May 2019 and March 2020, the 19,000m2 property has now returned to its old glory. Michael Schoppe, Managing Director of LLB Immo KAG, on the timely completion: “It was of particular importance to us, to complete the renovation work in spring as planned, despite the lockdown and the challenges it posed in order to ensure that in these difficult times the local residents have convenience shops at their disposal in close proximity to their homes.”
Thanks to the diversified mix of different lines of business and strong shop partners, the Center Alt-Erlaa has proven itself as a local full-range provider: The shopping centre accommodates not only the supermarket ‘INTERSPAR’ with 3,000m2 as well as the drugstore retail chain ‘dm drogerie markt’ but also a pharmacy, several clothing and beauty shops and a wide range of catering establishments. Furthermore, the shopping centre secures 230 local jobs.
Keeping sustainability in mind: new e-charging infrastructure
When visiting the shopping centre, customers have 360 parking spaces at their disposal, with the first four hours being free of charge. Within the scope of the renovation work, 12 e-charging stations were put up – an important step taken by the owner towards sustainability. However, the focus has also been set on convenience: The shopping centre has been equipped with two new customer lifts, ensuring comfortable access to the Center for customers while being protected from weather on their way from the underground car park.
LLB Semper Real Estate – the profitable retail fund demonstrates its strength in Covid times
The investment focus of the retail fund LLB Semper Real Estate lies with profitable business real estate in prime locations with long-term lease agreements and renowned lessees in Austria and Germany. The relevant properties comprise, among other things, office spaces, retail properties and logistics. It was in particular during challenging market phases that this focus of the fund management proved to be its notable strength. Investors can participate in the fund even with smaller amounts. It is perfect for long-term, stable investments and/or as a means to diversify one’s portfolio.
LLB Immo Kapitalanlagegesellschaft m.b.H. – a subsidiary of Liechtensteinische Landesbank (Österreich) AG – looks back on more than 15 highly successful years in working with real estate investment funds. It currently manages the multi-award winning LLB Semper Real Estate retail fund as well as a large-investor fund and two private-label funds with a total volume of some EUR 1.4 billion. LLB Immo KAG’s experienced management team, which over the past few years has seen its numbers steadily reinforced with established experts, is constantly working on consistently expanding the company’s overall portfolio.
LLB Group dates for your diary
- 24 August 2021, presentation of the 2021 interim business result
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