Hamburg-based ECE Projektmanagement has entered Spain through the acquisition of shopping centre management company Auxideico Gestión from ING Real Estate Development (ING RED). The financial details of the transaction were not disclosed.

Hamburg-based ECE Projektmanagement has entered Spain through the acquisition of shopping centre management company Auxideico Gestión from ING Real Estate Development (ING RED). The financial details of the transaction were not disclosed.

Madrid-based Auxideico Gestión is one of the largest management portfolios in Spain. The 14 centres it manages throughout Spain comprise 500,000 m2 of leasable area and an overage of over 100 shops per centre. Clients include ING Real Estate Investment Management, Deutsche Bank (RREEF), Invesco Real Estate and LaSalle Investment Management.

ECE, an inner-city shopping centre specialist, said the operations of Auxideico Gestión will remain largely unchanged, with all 68 employees remaining in the company. For the time being, the name Auxideico will not change, but will operate as part of the ECE Group.

Alexander Otto, CEO of ECE: 'We are thrilled to enter the Spanish market. After expanding to Eastern Europe for years, this is the first time ECE will be managing a significant portfolio of shopping centres in Western Europe. With 130 centers under management we will be even better prepared to use synergies in our centre management division. ING Real Estate Investment Management and the other owners of the centers are experienced and reliable partners with whom we look very much forward to working with.'

ING Corporate Finance acted as financial advisor of ING Real Estate Development in this transaction. Firms Garrigues and Hammonds acted as external legal advisors of ECE and ING Real Estate Development, respectively.