Billstedt-Center and City-Center Chorweiler have new owners (DE)

British firm Prime Commercial Properties plc (PCP) has sold two of its shopping centers.


Billstedt-Center in Hamburg.

The shopping center investor Deutsche EuroShop bought the ECE-operated Billstedt-Center in Hamburg from PCP with effect from January 2011. The investment volume amounts to approx. €160 million. Moreover, the City-Center Chorweiler in Cologne, which is also operated by ECE, has been taken over by a property company in which the Otto family holds shares. The investment volume of this transaction amounts to around €70 million.

Furthermore, the Hamburg-based ECE and Jones Lang LaSalle acted as advisors for the acquisition of the two shopping centers. Also in future, ECE will remain responsible for the centers' leasing and long-term management.

Alexander Otto, ECE CEO: "We are pleased that we were in charge for the preparation of the transactions as advisor. We also give our thanks to Deutsche EuroShop for the trust placed in ECE's services once more. The Billstedt-Center in Hamburg and the City-Center in Chorweiler in Cologne are properties that have given us much pleasure for years."

City Center Chorweiler Cologne

City-Center Chorweiler in Cologne.

The Billstedt-Center offers on a sales area of about 40,000 m² on two levels approx. 110 shops, all let to renowned retailers. A hypermarket (toom), a specialist consumer electronics retailer (Media Markt) and three fashion stores (C&A, TK Maxx and H&M) are the center's anchor tenants. Further, a Karstadt department store is integrated into the center, owned by a third party. The complex also comprises approx. 3,500 m² of residential and office space as well as parking spaces for 1,500 cars.

Originally the Billstedt-Center has been built in two separate parts in 1969 and 1977 with a major refurbishment in 1996. It is located in the eastern part of Hamburg about 8 kilometers from the city centre. 735,000 people are living in the catchment area of the shopping center, which is managed by ECE Projektmanagement since 1990. Up to 40,000 shoppers visit the Billstedt-Center on average per day.

The City-Center Chorweiler in Cologne was opened back in 1976 and has been managed by ECE since 1989. Between 1994 and 1996 modernization works were carried out. 27,500 sqm of sales area are located on two levels, which are all occupied by around 100 sp

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