German retail specialist ECE has carried out the second acquisition for its recently launched ECE European Prime Shopping Centre Fund II with the purchase of a shopping centre in Pompei, near Naples.

German retail specialist ECE has carried out the second acquisition for its recently launched ECE European Prime Shopping Centre Fund II with the purchase of a shopping centre in Pompei, near Naples.

The deal is ECE's second in Italy following the acquisition of the Megalò shopping centre in Chieti, central Italy, for Fund I.

The mall in Pompei, named La Cartiera, was bought through the takeover of units in Fondo Immobiliare Pompei, a vehicle launched at end-2014 by Sator Immobiliare srl, an Italian asset manager largely owned by banker Matteo Arpe.

Opened in 2012, La Cartiera provides 30,000 m2 of lettable area across 115 shops as well as over 2,000 parking spaces. It is fully let with anchor tenants including Conad, Mediaworld, H&M, Piazza Italia, Alcott, and Toys. It generates around €9.5 mln in rents every year.

Financial details were not disclosed. However, the asset had a value of €124 mln at end-2014 and was financed with a €72 mln loan from Banca Imi.

ECE Italia will take over the property management and leasing of the centre on August 1.

'Since its opening, the centre has achieved a strong market position in its catchment area in the south of the Gulf of Naples,' said Volker Kraft, managing director of ECE Real Estate Partners. 'With more than seven million visitors per year, La Cartiera has the best footfall of all shopping centres in the region. Its dominant market position makes our investment in Fondo Immobiliare Pompei a perfect addition to the Portfolio of the ECE European Prime Shopping Centre Fund II.'

€2 bn fund
Hamburg-based ECE announced last week that it has raised €740 mln of equity commitments for Fund II, which is targeting equity of €850 mln at final close and a total size of €2 bn after leverage.

Investors in the fund include sovereign wealth funds, pension funds and insurance companies from Europe, Asia, and the US. Its investment period will end in 2018.

The vehicle made its first purchase with the acquisition of the Stern-Center mall in Lüdenscheid (North-Rhine Westphalia) from Irish investors. Opened in 1977, the centre has been managed by ECE since 1991. It comprises a sales area of 30,000 m2 on four levels with a total of 110 specialist stores.

In November the fund will also acquire Zielone Arkady in the Polish city of Bydgoszcz, which was developed by ECE.