Shortly after construction start for the new city gallery project “K in Lautern” in Kaiselautern Germany, ECE presents a strong and experienced investor in Deutsche Asset & Wealth Management. ECE had started construction of the shopping gallery as early as June. Now the company initiated a takeover agreement for a share of 94.9% for the open property fund grundbesitz europa. ECE/ the Otto family will hold a long-term minority share of 5.1%.
Jens Jäpel, Managing Director ECE Development: “We are very happy that we won Deutsche Asset & Wealth Management as an investment partner for “K in Lautern”. This is an outstanding signal for the location and the city of Kaiserslautern.” The real estate investor has already been investment partner of ECE in many projects.
Mayor Dr. Klaus Weichel: The facts that another reputable company such as Deutsche Asset & Wealth Management proves its trust in the city of Kaiserslautern and that ECE will remain a long-term partner of the city, shows that the overall project "Neue Stadtmitte" is on the right track.”
ECE will remain responsible for the realization of the center. By taking over management and leasing of the center, the company will be first point of contact for the city, tenants and citizens on location By holding a minority share, ECE / the Otto family show great faith in the future success of the property.
The Grand Opening of “K in Lautern” is scheduled for spring 2015. The fully developed shopping center will then comprise a sales area of 20,900 m² and approx.100 shops.