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ECE Launches $2.8B Retail Acquisition Fund

HAMBURG, GERMANY-The group plans to raise $1.1 billion in equity, to buy existing shopping centers in Germany, Poland, Hungary, Austria and the Czech Republic.

By Robert Carr | Updated on July 11, 2011

HAMBURG, GERMANY-ECE Group has launched a $2.8 billion fund to acquire shopping centers in Germany, Poland, Hungary, Austria and the Czech Republic. The firm has already raised $1 billion in equity for the ECE European Prime Shopping Center Fund, and expects to raise another $110 million by September.

Volker Kraft, a managing director at the firm, said in a statement that the company sees investment opportunities in the revitalization and modernization of shopping centers. Development projects will not be acquired, and both management and leasing of the purchased centers will be taken over by subsidiary ECE Projektmanagement.

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