German open-ended fund manager Deka Immobilien plans to invest EUR 22 mln in the demolition and reconstruction of a former Woolworth store near its Kamp Promenade shopping centre in the German city of Osnabrück.

Deka said demolition work is already well underway and the new scheme is expected to be completed in the autumn of 2013.

Deka's open-ended WestInvest InterSelect fund has owned Kamp Promenade since 2005 and last year bought an adjoining property. 'The new store will strengthen and expand our Kamp Promenade shopping centre with an access to Großen Straße,' said Wolfgang Frisch, head of real estate management Germany at Deka Immobilien.

On completion, the four-storey building will provide 5,000 m2 of floor space and 50 new parking spaces in the basement. Discussions with prospective tenants are already underway.