Strabag, ECE take over Kaiserplatz-Galerie in Aachen

Developers ECE and Strabag have completed the acquisition of the Kaiserplatz-Galerie retail project in the west German spa town of Aachen.

Austrian developer Strabag Real Estate and Germany's ECE Projektmanagement are taking over the mall from Adalbertstrasse Development Company, which is majority owned by Dutch groups Kaufman and Van den Bruele.

Strabag and ECE are each taking a 50% stake in the development, which will require an investment of EUR 240 mln.

Kaiserplatz-Galerie is located in the centre of Aachen and comprises 30,000 m² over 130 retail units. Strabag and ECE are expected to start construction in the course of 2013 with the opening scheduled for 2015.