ECE Real Estate Partners has sold Haid-Center Linz to institutional investors in a €130 mln transaction.
The Haid-Center with 80 stores on a sales area of around 35,000 m2 was acquired for the ECE European Prime Shopping Centre Fund I in 2012 and has since been comprehensively developed and upgraded through modernization and optimization of the tenant mix.
The transaction is accompanied by Aareal Bank with a green loan.
ECE will continue to be responsible for the management of the center.
After the sale of the "Avenida" shopping center in Poznan in February 2021, Haid-Center Linz was the last of twelve centers held by the fund launched in 2011 to be sold within the planned lifetime. Over the term of the fund, the target returns have been achieved and the invested equity almost doubled.
Volker Kraft, managing partner of ECE Real Estate Partners said: ‘The transaction shows that professionally managed retail properties currently offer an attractive entry opportunity for long-term oriented investors. We will continue our investment strategy together with our investors and further expand our commitment with new products in this segment to take advantage of opportunities as they arise.’
