Investor Hamburg Trust has taken over around 78% of the Milaneo shopping centre's property company and the underground car park from developers ECE and Strabag RE. ECE and the Otto family will retain around 22% of the shares.
Investor Hamburg Trust has taken over around 78% of the Milaneo shopping centre's property company and the underground car park from developers ECE and Strabag RE. ECE and the Otto family will retain around 22% of the shares.
The investment volume for the shopping centre in Stuttgart and the 1,680 parking spaces amounts to around EUR 400 mln.
'We are happy to have found a renowned and established equity capital partner with Hamburg Trust for the project,' said Alexander Otto, CEO of ECE. 'Like Thier-Galerie in Dortmund, Milaneo is a prime project which will set new standards for quarter developments.'
Some EUR 245 mln in financing for the project is being provided by a 50-50 consortium of Berlin Hyp/LBB and Helaba Landesbank-Hessen Thüringen. All in all, more than EUR 550 mln is being invested in the development of the mixed-use scheme which also includes retail, gastronomy, offices, an hotel and apartments on the abandoned site of the old goods depot in the Europaviertel district of Stuttgart.
Project partners are ECE, Strabag Real Estate and Bayerische Hausbau, which are responsible for the offices, hotel and apartments. The entire project comprising 415 apartments, a 160-room hotel and 200 shops is expected to be completed by summer 2015.
Both the shopping centre and the entire Milaneo scheme were awarded a Gold Pre-Certificate by the German Sustainable Building Council, one of the first quarter certifications ever.
