e+k Best Practice in the “Transformation Real Estate” – Market Study

01 DEC 2021
Ehret + Klein Greece_e+k Best Practice in the “Transformation Real Estate” – Market Study

The term transformation comes from Latin and means “to reshape”. In the context of real estate, we understand this to mean the transformation or conversion of properties and their uses. Transformation properties include multi-story department stores in exposed inner-city locations. For decades, they were considered temples of consumption and secure sources of income for landlords, but due to online retailing they have become less attractive and thus lost customers.

These single-tenant properties now need to be rethought and redesigned. When we acquired the Kaufhof property in the heart of Worms in 2019, we were faced with such a transformation project. From the very beginning, our aspiration was to create a place that is adapted to the needs of residents, visitors, and customers. More precisely, a place that is a pleasure to be in and invites people to shop, exchange ideas and feel good. This is how a building develops its attractive appeal, which also benefits the entire city center. Together with the city of Worms, we worked on such an attractive solution for the transformation of the building.

After numerous design rounds, a mixed-use approach was decided on: part of the building will be used by the city of Worms for office space. Spread over several floors, a mix of residential, commercial, retail, and cultural space will move in. Retailers on the ground floor are to ensure frequency at the location and sustainably revitalize the city center. In addition, much of the existing building stock will be retained, which is in keeping with a more sustainable and forward-looking approach to construction.

We are proud to have been able to share our knowledge and experience as part of the "Market Study Transformation Properties" by Union Investment.

The study is available here.