ECE fund to acquire City-Passage in Bielefeld (DE)

The ECE European Prime Shopping Center Fund has acquired the City-Passage in Bielefeld, Germany, from the RWI funds 40 and 43 owned by WestLB.

City-Passage Bielefeld

The anchor tenant is Galeria Kaufhof.

The City-Passage offers its visitors 44 shops on 32,000 m² of sales area in a central downtown location. The anchor tenant is Galeria Kaufhof, with 20,000 m², Bielefeld's largest department store.

The property also comprises approx. 5,600 m² of office space as well as approx. 1,300 m² of gastronomy. Around 560 parking spaces are available.

The City-Passage is mainly characterized by its different entrances to the streets Stresemannstrasse, Bahnhofstrasse and Zimmerstrasse, thus connecting the city's central shopping malls with each other. ECE will take over management and leasing of the center as of yesterday (November 1, 2011).

WestFonds CEO Achim Quambusch: "More than 80% of the investors of the RWI funds 40 and 43 expressed their support for a sale of the property to ECE. After more than three decades in which the City-Passage was successfully leased out, the investors now realize high capital gains with the sale."

Dr. Volker Kraft, Managing Director of ECE Real Estate Partners: "The City-Passage excellently matches the portfolio of our fund. It offers great chances for a modernization. We see considerable potential for an increase in value and will continue to invest in the property."

ECE CEO Alexander Otto: "We have wanted ECE to be present in Bielefeld for a long time now as the city as regional center has an excellent catchment area. I am very pleased that with the City-Passage we are now responsible for a property located at a top location and that is well integrated in the city center."

Source: ECE

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