The ECE European Prime Shopping Center Fund II has acquired a majority interest in Erlangen Arcaden shopping centre from a joint venture managed by Nuveen Real Estate. As a result, the portfolio of the second ECE fund now comprises ten shopping centres in Germany, Poland, Hungary and Italy with a market value of €1.5bn. The purchase price was not disclosed.
Erlangen Arcaden, which opened in 2007, has around 90 stores with a Gross Lettable Area of around 32,000m² and is located directly next to the train station and the pedestrian zone in downtown Erlangen, a city with a strong economy and 110,000 residents located in the German state of Bavaria. In its catchment area, which has about 400,000 inhabitants, the centre has a strong market position and is visited by around 10 million people each year. Its anchor tenants include Saturn, Thalia and tegut. The Erlangen Arcaden shopping centre was completely refurbished in 2017/18 and thanks to the addition of new concepts and the expansion of its dining options it offers even greater upside potential.
