ECE braves the crisis: Financing for 300-million-Euro project in Dortmund is sealed
Dortmund/Hamburg, 7 July 2009 -
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The shopping gallery "Neues Thier-Areal" in the city of Dortmund ranks among Europe's largest privately financed projects being launched in the midst of the financial crisis. Just in time for the start of construction in July, ECE has secured the funding for the 300-million-Euro project in Dortmund. The equity capital partners are Hamburg Trust (40%), the ECE/Otto group (25%) and various private investors (35%). Together they will provide approx. 40% of the total investment amount. DG HYP/Dortmunder Volksbank as the consortium leader and the savings banks Sparkassen Dortmund and Bochum will provide the debt capital of 180 million Euro.
Alexander Otto, chairman of the ECE executive board: "By successfully ensuring the financing of this prestigious project, we have proven that a high-grade development like the Neues Thier-Areal can be implemented even in the current financial crisis. The top location and our exceptional concept have convinced the capital market."
The gallery on the site of the former Thier brewery in Dortmund comprises a sales area of about 33,000 sq m, providing space for around 150 shops. 5,000 sq m of office space and about 730 parking spaces round off the concept. The opening of the "Neues Thier-Areal" is scheduled for 2011. A population of more than 3 million is living in the catchment area within 35 minutes reach.
ECE is the European market leader for inner-city shopping galleries and is currently managing a total of 112 centers. On an overall sales area of 3.4 million square meters, about 11,700 retail businesses generate an annual turnover of 13.1 billion Euro. Another 22 galleries are currently under construction or in planning.
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