The Skyline Plaza in Frankfurt, jointly owned by Allianz insurance companies and ECE Marketplaces GmbH, is to receive more than EUR35 million for an extensive refurbishment program. Through the revised design and the addition of new tenants and retail offerings, the aim is to reposition the asset for the future and create long-term value for all stakeholders.
“Skyline Plaza has successfully established itself as a destination retail location in the Europaviertel, a prime residential and business quarter in Frankfurt, and already generates highly attractive footfall numbers. Using our extensive expertise in active asset management, we want to capitalize and optimally position the center and adapt it further to address the needs of its customers,” says Nicole Pötsch, Head of North & Central Europe, Co-Head of Investment Europe at PIMCO Prime Real Estate, which manages Allianz’s participation in Skyline Plaza.
“The tenant mix is already quite versatile with grocery, daily needs, the gastronomic offering in the food court and the David Lloyd spa. We are targeting to further strengthen the anchor tenant mix and look forward to the expansion of the popular and well-frequented Skyline Garden at the rooftop of the building.”
The refurbishment, which is being carried out under the motto ‘ECHOES of your LIFE’, is expected to further align the Skyline Plaza's offering with the needs of an increasingly diverse consumer base. To this end, a range of measures will be implemented over the next few years:
Adjustment and expansion of the tenant mix
One of the key elements of the concept is to adjust and expand the center's tenant mix through new concepts and offers. This will be achieved through further expanding the range of local businesses as well as health and beauty offers, and on broadening and diversifying in areas such as entertainment, leisure, and gastronomy.
“Almost a third of the space will be available for leisure and entertainment, with some of it set to be open seven days a week,” adds Arne Nachtigahl, the responsible project director at ECE Marketplaces.
Negotiations for the leases on almost all rental spaces are already at an advanced stage and many are about to be concluded, including new leases with anchor tenants from the fashion segment. In addition, almost all existing anchor tenants in the Skyline Plaza have already extended their contracts with a number of existing operators also set to significantly expand the space they rent.
“The core of a shopping center is mainly made of its anchor tenants, which is why we are pleased that many of them are continuing their contracts and at the same time sending a positive signal about the quality of the location and the strong potential that retailers see here,” explains Uwe Herwest, who has overall responsibility at ECE Marketplaces for leasing at the Skyline Plaza.
Expansion and improved connection of the roof garden
The second building block involves further expanding the use of the popular and well-frequented Skyline Garden rooftop garden, which offers stunning views of the city over an area of almost 10,000 sqm. To this end, four paddle tennis courts will be set up in the Skyline Garden in collaboration with tenant David Lloyd, offering fans of the fast-growing sport the opportunity to play.
The connection between the center and the Skyline Garden will also be optimized. A new direct connection will be developed, which will take visitors from the ground floor straight to the roof garden via a 30-meter-high glass elevator. This elevator will also play an important role for food court guests, both visually and functionally, who may want to dine out on the roof.
Modernization of interior design and opening to the exterior
The final element is the modernization of the center's entire interior design. Various structural and architectural optimizations will make the atmosphere brighter, airier, and more transparent. Ceilings will be partially opened, a new lighting concept will be implemented, and modern building materials and designs will be used to create an attractive, comfortable atmosphere.
The center will also be opened up more to the outside world, both visually and functionally, and be better connected more closely to the local, urban environment; this will include, for instance, new outdoor dining areas. In addition, the routing and orientation within the center will be simplified and improved, with various thematic areas such as children, entertainment or beauty created.
The conversion work is scheduled to start in mid-2025, with individual areas and the establishment and opening of the new shops to take place in stages. The first new tenants are expected as early as spring 2025. In addition to the modernization project, the completion of the U5 underground line at the Güterplatz entrance is planned for autumn 2027 and will provide an even more direct public transport connection to the Skyline Plaza.
“The upcoming measures will enable the Skyline Plaza to fully develop its role as prime, centrally located, modern retail center in the heart of downtown Frankfurt,” concludes Olaf M. Kindt, Center Manager of the Skyline Plaza.