North German lender HSH Nordbank said it is providing EUR 205mln to a joint venture between ECE Group and Hermann Friedrich Bruhn Group to finance the acquisition and restructuring of the Hamburger Strasse shopping mall in Hamburg-Barmbek.
North German lender HSH Nordbank said it is providing EUR 205mln to a joint venture between ECE Group and Hermann Friedrich Bruhn Group to finance the acquisition and restructuring of the Hamburger Strasse shopping mall in Hamburg-Barmbek.
Bruhn completed the 102,000 m2 complex in 1970. About 55,000 m2 are taken up by retail, with the remainder devoted to offices which are divided over five buildings.
Inner-city shopping centre specialist ECE will take over the management of the shopping mall and plans to revitalise the retail area extensively over the next few years. 'We think that revitalising this shopping mall offers attractive potential, above all on account of its very good location, its transportation links and the fact that it is well known to the public,' explained Peter Axmann, deputy head of real estate at HSH Nordbank. 'We also take a favourable view of the prospects for this project because it is being realised by two highly successful investors. ECE is generally recognised as the European market leader for inner-city shopping malls and one of the most experienced companies in this field.'
