ECE secures funding for EUR 300m Dortmund project

German inner-city shopping centre specialist ECE has secured the funding for its EUR 300 mln Neues Thier-Areal shopping gallery project in Dortmund.

ECE said Neues Thier-Areal ranks among Europe's largest privately financed projects being launched in the midst of the financial crisis.

The funding was secured in time for the start of construction in July. The equity capital partners are Hamburg Trust (40%), the ECE/Otto group (25%) and various private investors (35%). Together they will provide approx. 40% of the total investment amount. DG HYP/Dortmunder Volksbank as the consortium leader and the savings banks Sparkassen Dortmund and Bochum will provide the debt capital of EUR 180 mln.

Alexander Otto, chairman of the ECE executive board: 'By successfully ensuring the financing of this prestigious project, we have proven that a high-grade development like the Neues Thier-Areal can be implemented even in the current financial crisis. The top location and our exceptional concept have convinced the capital market.'

The gallery on the site of the former Thier brewery in Dortmund comprises a sales area of about 33,000 m2, providing space for around 150 shops, 5,000 m² of office space and about 730 parking spaces.

The opening of the shopping gallery is scheduled for 2011.