Shopping Centers: an attractive asset class

Stable return characteristics

Throughout historical business cycles, prime shopping centres managed by ECE have generated stable returns for investors through a diverse tenant mix with long-term leases

Opportunity for pro-active value creation

„Hands-on” asset management expertise resulting in the ability to execute tenant mix optimisation, expansions and repositioning measures

High barriers to entry

Target markets characterised by strict planning regimes, reduced new supply coming online, a limited number of competitive buyers with in-house management capabilities and the need for economies of scale

Inflation protection

Achieved through a combination of real estate ownership, indexed lease agreements and tenant sales rental revenues

Market opportunity

In a rapidly changing retail market, an increasing number of dominant shopping centres in prime locations requires revitalisation, or refurbishment

Our investment philosophy

Focus on proactive value creation

Active centre management and income generation

  • Provision of “hands-on” centre management services in-house generates substantial rental income and ensures long-term value appreciation
  • Secure ancillary revenues through shopping centre marketing, advertising and other activities

Redevelopment/ expansion

  • Cost-effective, timely and innovative execution of redevelopment
  • Improve layout and composition of retail areas and ensure the maximisation of value

Repositioning

  • Revitalise through value enhancement via reinvestment, refurbishment and modernisation
  • Optimise shop design, high-impact marketing concepts and product range

Re-leasing

  • Optimise branch and tenant mix
  • Attract market leading retailers, that are vital to the success of prime urban shopping centres

Portfolio management

  • Create synergies across the portfolio saving costs and enhancing value
  • Risk management and reporting excellence

Our Investment focus

Existing dominant shopping centres with potential for operational value creation

Investing exclusively in existing dominant prime (or the potential to be repositioned as prime) shopping centres in select European countries with re-leasing, repositioning or expansion opportunities.

Target properties fulfil the following criteria:

  • €100-€400 million of value per centre (€50-€200 million of equity)
  • Situated in a urban or integrated location with a minimum designated catchment area of at least 200,000 inhabitants
  • Dominant in its local market/sub-market with a size of at least 25,000 sqm GLA
  • High visibility, good accessibility and provision of on-site parking
  • Featuring multiple tenants (at least 50 retail units) and with a potential to be a one-stop shopping location
  • Single ownership with centralised management
  • High targeted sales per square meter relative to geographic-specified metrics
  • No ground up developments
  • No minority interests

How to become a partner

We have a successful track record partnering with global, highly-reputable and like-minded institutional investors, including some of the world’s largest sovereign wealth funds, pension funds and insurance companies.

We offer our partners pooled closed-end funds, segregated accounts and co-investments with professional investment partners.

Pooled closed ended Funds

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Segregated accounts

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    We have experience in structuring and managing segregated mandates customised to meet a Partners’ investment objectives.

    Our highly qualified team of investment professionals have the capabilities to offer institutional investors a broad spectrum of European shopping centre investment solutions across risk and return profiles.

Co-Investments

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    We have a strong track record in structuring and managing joint ventures with strategic partners and offering co-investment opportunities to our Partners.

    We retain operational control of our joint ventures and co-investments, enabling our Partners to further leverage off our long-standing shopping centre management expertise and capabilities.