ING Real Estate Investment Management has agreed to acquire the Stadtgalerie Heilbronn shopping mall development from ECE Projektmanagement for a total investment sum, including any tenant improvements, of approximately €100 million. ECE will realise, lease and provide long-term management for the shopping center, which is scheduled to open in the spring of 2008.
The Stadtgalerie Heilbronn is being constructed in the city center of Heilbronn on the Landerer site between Deutschhof and Götzenturm. Totalling approximately 13,000 m² of retail space, the center will have three shopping levels containing 70 shops. In addition, there are 660 parking spaces as well as service and catering businesses. Interest in rental space at the Stadtgalerie Heilbronn was high even before construction began. Currently 90% is leased. The center is expected to attract both national and international retailers from various segments who were specifically sought out for this site and will include sole proprietors and approximately 50 percent regional tenants.
Artist impression of the Stadtgalerie Heilbronn
"The Stadtgalerie Heilbronn is an up-scale shopping center development in one of the most prestigious locations in the city and we are proud to be a part of this new shopping attraction", said Will Rowson, Head of European Acquisitions, ING Real Estate Investment Management Europe, who with his team are now representing ING Real Estate Investment Management in its first investment venture in an ECE shopping center.
Source: ING Real Estate