The HGHI Holding of Harald G. Huth and Maruhn Real Estate Investment are planning to refurbish the Tegel-Center and the neighboring former Hertie-Haus in Berlin. The properties were completed in 1972 and offer 30,000 retail space. The company aims to add an additional 12,000 sqm of retail space, through the reduction of parking spots from about 700 to 350. According to market sources, the cost of the investment is expected to run to €200m. Construction is set to begin in the spring of 2016.
