The development of the Milaneo quarter in Stuttgart has reached an important milestone: subject to antitrust approval, the investor Hamburg Trust will take over around 78% of the shopping center's property company and the underground car park from the developers ECE and STRABAG RE.
The investment volume for the shopping center with underground car park amounts to around 400 million.
ECE/the Otto family keep around 22% of the shares. The investment volume for the shopping center with underground car park amounts to around 400 million.
The financing of the project development and portfolio phase in the amount of 245 million is realized by a consortium of Berlin Hyp/LBB and Helaba Landesbank-Hessen Thüringen each with 50% share. Consortium manager is Berlin Hyp/LBB.
All in all, more than 550 million is being invested in the quarter development. Project partners are ECE, STRABAG Real Estate and Bayerische Hausbau, which are responsible for the components offices, hotel and apartments.
The construction of the quarter development has already started. By summer 2015, three new buildings are being erected in the new Europaviertel district combining retail, gastronomy, offices, a hotel and downtown apartments in a unique way. The shopping center is scheduled to open in spring 2015.
Dirk Hasselbring, CEO at Hamburg Trust: "We want to continue our successful cooperation with ECE in Stuttgart. The high purchasing power, the excellent catchment area and the comparably low competition in the regional capital ensure a clear advantage of site for us."
Alexander Otto, CEO at ECE: "We are happy to have found a renowned and established equity capital partner with Hamburg Trust for the project. As for Thier-Galerie in Dortmund, Milaneo is a prime project which will set new standards for quarter developments."
Thomas Hohwieler, CEO at STRABAG Real Estate GmbH: "It is a remarkable achievement that both the debt capital financing as well as the sale of the project was completed with the start of construction. At the same time is shows the trust in the project, location and the involved partners. Now we concentrate on the construction and leasing."
The Milaneo city quarter is being constructed on the abandoned area of the old goods depot in the Europaviertel district. The project comprises around 415 apartments, one hotel with around 160 rooms and approx. 200 shops with a total of 43,000 m² of sales area plus gastronomy and service areas.
"The utilization mixture is supplemented with approx. 7,400 m² floor space for offices as well as an underground car park with 1,680 parking spaces. The car park operation will be realized by the Stuttgart-based company Park Service Hüfner.
The name Milaneo was developed in the framework of a public procedure with civic participation; its Mediterranean flair is to be reflected in the quarter's design. According to a design by RKW Rhode Kellermann Wawrowsky Architektur + Städtebau are three individual buildings planned creating vibrant squares and alleys.
Despite the segmentation, the buildings are closely linked: the sal