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 sales area in the basement is spread over all three construction areas. On the ground floor, the trading areas are linked via the square and on the first floor via four transparent bridges. The philosophy of a vibrant city quarter at Mailänder Platz is also reflected in the retail design.

Diversified spatial experiences are being created with light, colors and materials based on the three guiding topics ‘nature’, ‘urban’, and ‘modern’. In the nature section, the forest with all its elements is the creative model. The urban section of the central square characterizes a vibrant city. Streets, squares, green spaces, roof gardens, cafés, and restaurants are symbols for urban space. The modern section is exemplary for our communication society. It is to provide space to the people for encounters and creativity.

On the floors above the shopping center are the buildings separated into 17 individual buildings grouped around three greened patios. The hotel is being constructed at Heilbronner Strasse street. The office building is located at Heilbronner Strasse street, parallel to Wolframstrasse street. The central Mailänder Platz square supplements the ensemble with green areas, premium common areas as well as a water area.

Both the shopping center as well as the complete Milaneo were awarded by the German Sustainable Building Council with a Pre-Certificate in Gold. This is one of the first quarter certifications ever. Criterions for the assessment were, among others, the life cycle assessment, water and soil protection, energy efficiency, usage of renewable energies, resources-saving infrastructure as well as accessibility. Züblin AG is commissioned as general planner with the construction of the shopping center and the underground car park.

Source: ECE