Launch of the second ECE Fund: The ECE European Prime Shopping Centre Fund II has acquired Stern-Centre in downtown Lüdenscheid (North-Rhine Westphalia) from Irish investors. Opened in 1977, the shopping centre has been managed by ECE since 1991. It comprises a sales area of approximately 30,000 m² on four levels with a total of 110 specialist stores.
Among its anchor tenants are Saturn, H&M, C&A, and Rewe. Stern-Centre is the first shopping centre in the portfolio of the second ECE Fund, which was set up by ECE Real Estate Partners. Zielone Arkady in the Polish city of Bydgoszcz, which was developed by ECE, is set to follow in November.
The investors of the ECE European Prime Shopping Centre Fund II include sovereign wealth funds, pension funds, and insurances from Europe, Asia, and the United States, who contributed commitments of €740 mln to the Fund. The total target volume of the second ECE Fund is €850 mln (max.) which equals a gross asset value of stock fixed assets of approximately two billion euros. ECE Fund II will continue the investment strategy of ECE Fund I and focus on acquiring existing European shopping centres with value-add potential. Its investment period will end in 2018.
Dr. Volker Kraft, Managing Director ECE Real Estate Partners: “We are pleased to start the second ECE Fund with the acquisition of Stern-Center Lüdenscheid. It is the largest shopping centre in the Sauerland region with a catchment area of 440,000 people. Therefore, it has tremendous potential for further development.”