ECE takes over Verona mall project

German retail specialist ECE is taking over a 42,000 m2 shopping centre project in the Italian city of Verona from CDS Holding, the developer behind a number of well-known shopping centres including I Petali, Le Corte Venete and Forum Palermo.

ECE has acquired 100% of the project and will also ensure the project's funding while cooperating with CDS for the development of the property.

Anchored by a 4,500 m2 Interspar hypermarket, the mall will offer a total of 130 shops on completion in 2017.

ECE Italia will also take over the management of the centre.

This is the second ECE investment in Italy following the acquisition at end-2011 of Mégalo shopping center in Chieti by the ECE European Prime Shopping Centre Fund I.

ECE set up a subsidiary in Milan at the beginning of 2014.

Alexander Otto, CEO of ECE said: 'I’m very pleased that we can start with a second project in Italy now. For the first time, we take over a venture in the stage of development and set for construction.'

Construction will start with the excavation works in May 2015.