German shopping centre specialist ECE has announced that its European Prime Shopping Centre Fund II has acquired the Zwickau Arcaden shopping centre in Eastern Germany from its former owner Ivanhoé Cambridge.
German shopping centre specialist ECE has announced that its European Prime Shopping Centre Fund II has acquired the Zwickau Arcaden shopping centre in Eastern Germany from its former owner Ivanhoé Cambridge.
Financial details were not disclosed.
Opened in 2000, this inner-city shopping centre accommodates over 60 specialist stores and restaurants on a sales area of 13,000 m2. The property also comprises 3,500 m2 of office space and 430 parking spaces. Major tenants include Esprit, Deichmann, dm and Douglas.
Following the acquisition, ECE will take over the management and leasing of Zwickau Arcaden from Unibail-Rodamco.
'The acquisition of Zwickau Arcaden adds another attractive, established shopping centre to the portfolio of the second fund,' said Volker Kraft, managing director of ECE Real Estate Partners, which established both ECE Funds. ECE plans to further develop the mall through a broadening of the tenant mix and the addition of new retail concepts.
Zwickau Arcaden is the fourth shopping centre in the portfolio of ECE Fund II, which already includes Stern-Center Lüdenscheid, La Cartiera in the Italian city of Pompei, and the recently opened Zielone Arkady in Bydgoszcz, Poland. Investors in the fund include sovereign wealth funds, pension funds, and two insurers, which contributed €740 mln of equity in total to the fund.
