New acquisition by ECE Fund II in Spain: the ECE European Prime Shopping Centre Fund II has purchased the “intu Asturias” shopping center in Oviedo. As a result, ECE Fund II is now fully invested. It is the first property in Spain for the ECE shopping center funds. The seller is a joint venture company through affiliates of intu properties plc and Canada Pension Plan Investment Board. The purchase price amounts to 290 million euros. ECE will be responsible for the asset management as well as center management and leasing and will continue to work with the current operator of the property, Cushman & Wakefield.
Opened in 2001, “intu Asturias” offers around 140 shops across a leasable area of approx. 74,000 m² as well as approx. 5,000 parking spaces. The center is located in the Asturias region, an economically strong region in the northern part of Spain. It has a very good market positioning and provides potential for further value-add developments. Anchor tenants include Primark, Media Markt, H&M, an Eroski hypermarket, and the Inditex brands Zara and Bershka. Plans for further development include a restructuring and modernization of parts of the center and the addition of further attractive anchor tenants.
Source : ECE Projektmanagement