11/04/2011: ECE fund to acquire Megaló shopping center in Chieti / Italy from SEB
ECE takes over management and leasing
The European shopping center market leader ECE is becoming active in Italy. The ECE European Prime Shopping Centre Fund acquired the Megaló shopping center in Chieti (Abruzzo, Italy) from the SEB ImmoInvest fund that belongs to SEB.
The Megaló shopping center, opened in 2005, provides more than 48,500 m² of rental space and 110 shops on two sales levels. Anchor tenants are a Billa superstore, Media World, Giometti Cinemy, Brico Io, H&M, Scarpe&Scarpe as well as Zara. 2,800 parking spaces are available for the more than 600,000 residents in the center’s catchment area.
Takeover of management and leasing by ECE in cooperation with Larry Smith Italia is scheduled for December 1, 2011.
ECE CEO Alexander Otto: “I am pleased that we can now take the first specific step with regard to the announced expansion to Italy. Italy is a market with great opportunities but also considerable challenges. This is why we will continue to proceed selectively in future.”
Dr. Volker Kraft, Managing Director of ECE Real Estate Partners: “The large Megaló shopping center is dominant in its catchment area. It is the most important fashion destination of its region. Those are good conditions for a stable performance in the current market environment. Moreover, we see potential to further increase its attractiveness.”