ECE holds €500m first close for second center fund
Luxembourg-based ECE Real Estate Partners has held a first close for its ECE European Prime Shopping Centre Fund II, raising €500 million ($638 million).
The fund launched this year with a €750 million ($957.6 million) target. The final closing for the second fund is planned for 2015, and the investment period will last until 2018.
Investors include the Otto family, ECE employees, and pension funds and sovereign wealth funds.
ECE Fund II will continue the investment strategy of ECE Fund I. It will focus on acquiring existing European shopping centers with value-add potential located in targeted markets including Germany, Austria, Poland, the Czech Republic, Scandinavia, Italy, Spain and Turkey.
The fund has invested some of its capital. Its first investment was the Zielone Arkady in Bydgoszcz, Poland.
ECE European Prime Shopping Centre Fund I closed in August 2011 with €775.5 million ($990 million). According to the fi