The shopping gallery "Neues Thier-Areal" in the city of Dortmund ranks among Europe's largest privately financed projects being launched in the midst of the financial crisis. Just in time for the start of construction in July, ECE has secured the funding for the 300 million project in Dortmund.
An impressive glass roof will cover the entire shopping center.
The equity capital partners are Hamburg Trust (40%), the ECE/Otto group (25%) and various private investors (35%). Together they will provide approx. 40% of the total investment amount. DG HYP/Dortmunder Volksbank as the consortium leader and the savings banks Sparkassen Dortmund and Bochum will provide the debt capital of 180 million.
Alexander Otto, chairman of the ECE executive board: "By successfully ensuring the financing of this prestigious project, we have proven that a high-grade development like the Neues Thier-Areal can be implemented even in the current financial crisis. The top location and our exceptional concept have convinced the capital market."
The gallery on the site of the former Thier brewery in Dortmund comprises a sales area of about 33,000 m², providing space for around 150 shops. 5,000 m² of office space and about 730 parking spaces round off the concept. The opening of the "Neues Thier-Areal" is scheduled for 2011. A population of more than 3 million is living in the catchment area within 35 minutes reach.