A joint venture between pan-European real estate investment and development company Eurofund Group and London-based private equity firm Signal Capital Partners has acquired RheinRuhr-Zentrum in Essen.
The deal volume was not disclosed.
The partners will invest a total of around €180 mln over the next few years in the 200,000 m2 shopping centre, divided into two phases.
The Rhein-Ruhr-Zentrum is located in one of Germany's largest conurbations, the RhineRuhr region, with more than ten million inhabitants.
Due to its proximity to the city of Essen, the centre also attracts visitors from the neighboring cities of Oberhausen, Duisburg and Düsseldorf, with good transport links offering the potential for further expansion of the catchment area.
Ian Sandford, president of Eurofund Group, said: 'We want to restore the Rhein-Ruhr-Zentrum in Mülheim to its former stature as a regionally dominant and innovative community hub. Namely, a strong point of attraction with a modern offering for shopping, entertainment and socialising, bringing the centre back to life.
'With this project, we aim to realise the first ‘Shopping Resort’ in Germany. And, after half a century, Mülheim can once again be a vanguard for the region’s best shopping experience.'
With this new project, and entry to a new region, Eurofund Group have set up new offices in Germany, which will be headed by Sean Roberts, CEO Retail Germany.
ECE will continue as the property manager for Rhein-Ruhr-Zentrum.
