Deutsche EuroShop has said it has acquired a 75% stake in shopping centre Stadt-Galerie Passau in Bavaria for around EUR 95 mln. ECE Group is the investment partner on the deal and will be responsible for planning, development, leasing and center management. Deutsche EuroShop said this transaction meant it has once again overachieved its annual growth target.
Deutsche EuroShop has said it has acquired a 75% stake in shopping centre Stadt-Galerie Passau in Bavaria for around EUR 95 mln. ECE Group is the investment partner on the deal and will be responsible for planning, development, leasing and center management. Deutsche EuroShop said this transaction meant it has once again overachieved its annual growth target.
Stadt-Galerie has been under construction since October 2006 and is scheduled to open in autumn 2008. The shopping center will offer approximately 95 specialized shops on three levels, and over 70% of the space has already been leased to well-known retailers. A specialist consumer electronics retailer and a large fashion house are the center's anchor tenants. Approximately 470 parking spaces will be available to customers.
The Stadt-Galerie Passau is being built in the so called 'New Centre' of Passau, directly at the central bus station and close to the main station. Approximately 410,000 people live in the center's catchment area.
Deutsche EuroShop is Germany's only public company that invests solely in shopping centers in prime locations. It has equity interests in 17 European shopping centers in Germany, Austria, Hungary, Italy and Poland.
