The ECE European Prime Shopping Centre Fund acquired ‘Hallen am Borsigturm’ in Berlin-Tegel. The seller of the property is Vernal Asset 2BV. The center was opened in 1999 and comprises a sales area of 22,000 m², an office area of approx. 15,000 m², an area of approx. 7,500 m² for a hotel and an area of approx. 5,000 m² for a cinema. ECE has been operating and leasing out the center since the end of 2011.
The shopping center comprises 115 specialist shops, cafés, restaurants and service providers. Among its tenants are Media Markt, Rewe, H&M, Strauss Innovation, Esprit, TK Maxx, and Intersport Voswinkel. A total of 1,600 parking spaces are available in a parking garage. Designed by the architects Claude Vasconi and Dagmar Groß and built into the engine depot of the former Borsigwerke, the design of the shopping center is unique.
Dr. Volker Kraft, Managing Partner of ECE Real Estate Partners said: "The acquisition of the Hallen am Borsigturm is a major success for the Fund. We know the property very well, as it has been managed by ECE. There still is a considerable value creation potential with restructuring and modernization measures which will optimize the center in terms of the floor layout as well as the branch and tenant mix.”
The ECE European Prime Shopping Centre Fund manages €775.5 million from global leading institutional investors. The Fund concentrates on the acquisition of existing shopping centers with value-add potential across continental Europe.
Source: ECE
