Expanding the collaboration: redos contracts out the management of a portfolio of four shopping centers to ECE
ECE has secured the management and the leasing of the Christie portfolio consisting of four shopping centers: Kaufpark Eiche, Havelpark Dallgow, Kaufpark Dresden-Nickern, and Brandenburger Einkaufszentrum Wust. The long-term management contracts were tendered by the co-investor and asset manager redos. In the tender process, ECE prevailed over renowned competitors with a tailored proposal. redos is the asset manager for the objects since 2013. At the end of 2016, the Hamburg-based retail real estate specialist had taken over the portfolio as a co-investor an as a joint-venture partner of Madison International Realty.
The centers have a strong market position with high footfall, an attractive tenant mix, and strong anchor tenants. Three of the four centers have recently been modernized. In addition, a comprehensive revitalization is planned also for the center at Dresden-Nickern. The four centers boast around 350 shops on an overall leasable area of 218,000m² and have been visited by approximately 18 million customers per year. The management will be taken over by ECE has been from April 2020.
“After an extensive pitch process we have decided to task ECE with the management of the four centers to provide new momentum for the assets. Therefore, ECE can build on the strong performance and positioning of the assets”, says Matthias Cordier, Managing Director bei Madison International Realty. “ECE has convinced us with its tailored proposal, its professional appearance, and promising strategies that will help increase the value of the assets. This way we will expand our strategic collaboration in the shopping center segment”, adds Christine Hager, Managing Director and Head of Shopping Center Asset Management bei redos. ECE also manages, for example, Rhein-Ruhr-Zentrum in Mühlheim on behalf of redos.
“We are very pleased that we were able convince redos with our proposal and our experience and that we can further expand our collaboration,” said Henrie W. Kötter, Chief Investment Officer at ECE. “The portfolio includes well-placed malls, modern and successful shopping centers that have a strong market position and attract scores of customers. It is our job now, together with redos, to increase the value of the assets.”
Further development through additional dining options, recreation options, and services
For the tender, ECE has designed tailored approaches for each asset to develop them further. These include additional dining options inside and outside the center, recreation and entertainment options, additional services, and sporadic architectural improvements as well as strategic additions to the tenant mix. The proposed measures aim to improve the positioning of the shopping and recreation destinations.
ECE and redos can use the already strong performance of the centers to their benefit: Kaufpark Eiche in Ahrensfelde near Berlin, which boasts 130 Shops on a leasable area of 68,000 m² and 3,500 free parking spaces, is visited by 6.2 million visitors every year and has broad range of retail options and strong anchor tenants including Kaufland, Media Markt, H&M, C&A, Adler, TK Maxx, Nike, and Rossmann. The center was extensively refurbished in 2017 and since its reopening shines in new splendor.
Havelpark Dallgow is located in the growing commuter belt west of Berlin. It accommodates 98 shops on a leasable area of 54,000 m², has 3,400 parking spaces, and is visited by 5.6 million customers every year. Anchor tenants include Kaufland, H&M, C&A, Adler, Olymp&Hades, New Yorker, Intersport, and Rossmann. Kaufpark Dresden-Nickern, which is well-integrated into the surrounding residential areas, has 75 shops on a leasable area of 56,000m², and provides more than 3,200 parking spaces for its 4.5 million customers who visit the center every year. The anchor tenants include Kaufland, Media Markt, H&M, C&A, Adler, New Yorker, Intersport, and Müller Drogerie.
Einkaufszentrum Wust in Brandenburg is the fourth center of the portfolio. It has recently been modernized and refurbished. The center accommodates 46 Shops on a leasable area of 40,000 m² and has 1,800 parking spaces and is visited by 1.5 million customers per year. After the relaunch, Modepark Röther has been added to the group of anchor tenants which also includes Deichmann, Intersport and the consumer electronics market expert.