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Multi Development is targeting more mid-sized cities in Germany for new retail projects, Herman Kok, international research director, told journalists at the opening of the company's new Arneken Galerie in Hildesheim on Thursday. The company already has five projects under development in the largest market in Continental Europe and is working on a couple more, he added. 'Germany has about 70-80 mid-sized cities like Hildesheim with populations of between 80,000 and 150,000. There are lots of opportunities.'

Kok sees potential in redevelopments revolving around the further downsizing of department stores such as Karstadt and the rationalization of sites and buildings belonging to local banks like Sparkasse. Multi already has a track record in this area. Its Forum Duisberg, which was completed in 2008, incorporates a former Karstadt store and in Berlin, it is currently working on a project which revolves around the downsizing of two department stores - Karstadt and Wertheim. Dubbed Berlin Boulevard, the 80,000 m² development is due to open partly in April.

Multi is also redeveloping a site belonging to the local Sparkasse bank in Bamberg. Under the plan, Multi will create an old town district with an open design, laid out in small sections and a street-building concept. The project, which is due to be completed by 2014, encompasses a total of 9,500 m² of retail space as well as new commercial and restaurant facilities and townhouses.

Part of the site on which Arneken Galerie is located also belonged to the local Sparkasse. Arneken Galerie has a GLA of 28,000 m² and is owned by Dutch listed retail specialist Corio. The project involved an investment of EUR 120 mln.

The opening of the Arneken Galerie in Hildesheim marked Multi's second within a week. Last week the Dutch retail developer opened its new Czech shopping centre Nova Karolina in Ostrava. Tenants include Saturn, H&M, Mango, Intersport Voswinkel, DM-Drogerie Markt, Das Depot, Tom Tailor, Esprit and Triumph. With the notable exception of H&M, which has another store in a nearby shopping street, most stores are new to Hildesheim, Kok said. 'In the past most people would go to Hannover. Now Hildesheim has its own centre.'

Unlike its Ostrava project, Multi's New shopping gallery in Hildesheim is not a standalone complex but is integrated into the city centre and the main shopping streets. The project comprises three buildings which are connected with each other and the rest of the inner centre by two open pedestrian streets. Medieval archeological findings from the site, including part of an old tunnel leading away from the old city wall, cannon balls, a beer jug and other objects, are on display in the central part of the gallery with explanations about life in Hildesheim in the Middle Ages.

Arnaken Galerie is BREEAM certified and has an excellent rating, the highest possible qualification.