DeAWM takes over ECE mall project

Deutsche Asset & Wealth Management (DeAWM) has taken majority ownership of ECE's 'K in Lautern' city gallery project in Germany.

Retail developer ECE, which started construction of the shopping gallery in June, has now agreed to sell a 94.9% interest in the project to DeAWM's open-ended property fund, Grundbesitz Europa.

Financial details were not disclosed. However, press reports put the deal price at around €150 mln.

DeAWM is Deutsche Bank's alternative asset manager formerly known as RREEF.

ECE and its founding Otto family are to retain a long-term minority share of 5.1%. The developer will remain responsible for the realisation of the project as well as management and leasing of the completed centre.

Located in the south-western German city of Kaiserslautern, 'K in Lautern' is scheduled to open in spring 2015. The fully developed shopping centre will feature 100 shops across a sales area of 20,900 m2.

'This is an outstanding signal for the location and the city of Kaiserslautern,' commented Jens Jäpel, managing director of ECE Development.

ECE has worked with DeAWM on a number of projects in the past. Other ECE projects invested by DAWM include Forum Mittelrhein Koblenz, Rathaus-Center in Ludwigshafen, Alfa Centrum Gdansk in Poland, and Gran Via Alicante in Spain.