Shopping centre specialist ECE has formed a joint venture with German retail giant Metro to take over Metro's retail park operations. ECE and Metro Properties, the real estate arm of Metro, will each hold 50% in the joint venture named Metro-ECE Centermanagement (MEC). From 1 October, MEC is to take over the management including operation, leasing and marketing of 38 retail parks in Germany.
Shopping centre specialist ECE has formed a joint venture with German retail giant Metro to take over Metro's retail park operations. ECE and Metro Properties, the real estate arm of Metro, will each hold 50% in the joint venture named Metro-ECE Centermanagement (MEC). From 1 October, MEC is to take over the management including operation, leasing and marketing of 38 retail parks in Germany.
Metro Properties is contributing 36 retail centres across Germany and the majority of a 100-strong centre management team to the joint venture. In addition to two of its own centres, ECE will bring its management, marketing and leasing expertise.
Metro Group has 688 commercial locations in 30 countries, which it describes as the largest international portfolio of wholesale and retail properties.
ECE has 137 shopping centres under its management in 16 countries.
