26.06.2008

Investor Multi Development Germany GmbH and Karstadt Warenhaus GmbH jointly planning "Quartier am Markt" retail project - central inner-city area to be completely reorganized

Duisburg/Essen, Germany June 26, 2008. The Duisburg developer Multi Development Germany GmbH is planning together with Karstadt Warenhaus GmbH, a company of Arcandor AG, Essen, to redesign an inner-city area in Recklinghausen. The planning calls for full reorganization of the area between the market, Schaumburgstrasse and Löhrhof square. The projects, whose working title is "Quartier am Markt" is intended to place an accent on the marketplace, ensure stronger networking of the market with Löhrhof square and, at the same time, integrate Schaumburgstrasse as a retail location.
"In our planning, we have achieved a significant invigoration and upgrading of this central inner-city area in Recklinghausen. The quality of the market and the surrounding streets will improve significantly and its role as the central point for retail and the town itself will be boosted!" said a confident Axel Funke, Chairman of the Management Board of Multi Development. "Together with the marketplace, Kunibertistrasse and Schaumburgstrasse, the "Quartier am Markt" will be a calling card for the retail business in Recklinghäusen."

"This new development is also highly likely to secure the Karstadt location in Recklinghausen for the future. Following the opening of the Limbecker Platz retail center in March of this year and planned opening of the Forum project in Duisburg in the fall, which we also developed together with Multi Development, we have had good experience with this model of developing shopping centers," commented Jan-Christoph Maiwaldt, the member of Karstadt's management responsible for finance and real estate development.

Quartier am Markt
The plan provides for a total area of around 30,000 m² for retail, food outlets and services in up to 90 units. Karstadt will have a large department store on the Quartier am Markt covering around 12,000 m². The historic façade of the Karstadt department store that was completed at the start of the 1930s is to be preserved and integrated into the project. Other buildings in the Karstadt area will be completely demolished. The project includes around 500 new underground parking spaces. The investment volume is around €135 million . Retail at Quartier am Markt will focus on textiles and typical, high-quality inner-city ranges.

The concept
Quartier am Markt's design will ensure strong networking between the marketplace and Löhrhof. Schaumburgstrasse will be integrated as a new and dynamic retail site but will also retain its town planning function. Visitors will enter the inside through two entrances from the market. A circular pathway will take visitors around the Quartier. There will be other points of access on Schaumburgstrasse and Löhrhof square. Thanks to the considerable difference in elevation between Löhrhof square and the marketplace it will be possible to form two ground floors. Thus, there will be ground-level points of access on both the market and on Löhrhof square. Inside the Quartier, visitors can move from floor to floor via stairways, escalators and elevators between two floors. In total, Quartier am Markt will have four shopping levels.
 Located on the top floor of the project will be the Karstadt restaurant, complete with a terrace of approximately 500 m² overlooking the market.

The developer Multi Development
Multi Corporation is one of Europe's biggest real estate companies and it develops and operates projects through its subsidiaries Multi Development, Multi Investment, Multi Asset Management and Multi Mall Management. These include shopping centers, office buildings and multi-functional projects. With the support of Morgan Stanley Real Estate Funds, Multi combines financial strength and investment capital with its extensive experience as a development company for top-quality projects. Multi operates in more than 20 countries throughout Europe and has branches in 18 cities.

Karstadt Warenhaus GmbH
Rudolph Karstadt opened his first store in Wismar on May 14, 1881. 127 years later, Karstadt Warenhaus GmbH, a wholly owned subsidiary of Arcandor AG, is one of Europe's leading department store companies. Every day, 2.5 million customers visit its 90 department stores and 28 Karstadt sports stores. The Chairman of the Board of Directors is Peter Wolf, who is also a member of the Executive Board of Arcandor AG (Essen).

Multi Development Germany GmbH
Antje Hericks
Bismarckstrasse 120
47057 Duisburg
Tel : +49 (0) 203 66895012
Fax: +49 (0) 203 66895001
e-mail:  ahericks@multi-development.com
Internet: www.multi-development.com 

Karstadt Warenhaus GmbH
Corporate Communications
Michael Scheibe/Martin Schleinhege
Tel: +49 (0) 201 727 2537
e-mail:
michael.scheibe@karstadt.de
martin.schleinhege@arcandor.com