07/07/2011: ECE launches own real estate fund
Already € 740 million raised / initially three centers in the portfolio
The Hamburg-based ECE group has launched the “ECE European Prime Shopping Center Fund”, its first own pan-European real estate fund. Via the newly founded fund management company “ECE Real Estate Partners” equity commitments of more than € 740 million have been raised to date. The final closing in summer is expected to provide an equity capital of around € 800 million for the fund, which corresponds to an estimated gross asset value of around € 2 billion once the fund is fully invested.
Globally leading institutional investors invested in the fund, including international sovereign wealth funds, pension funds, and insurances. The fund will focus on the acquisition of existing shopping centers with value-creation potential. Development projects will not be acquired. Both management and leasing of the centers will be taken over by ECE Projektmanagement.