ECE raises €380m for Euro fund

Government of Singapore Investment Corporation among investors in prime shopping centre vehicle

ECE Projektmanagement, the German property company owned by the wealthy Otto family, has raised around €380 million in a first close for its maiden private equity real estate-style fund.

The Hamburg-based company, which has 114 shopping centres under management with a concentration in Germany, has won commitments from Government of Singapore Investment Corporation (GIC), and a German insurance company among others.

ECE, which launched the European Prime Shopping Centre fund in March last year, is targeting a total of €500 million.

According to those familiar with the company, co-investment is coming from senior management and a fund management arm.

It told investors it had a number of pre-specified investments during its roadshow last year, at least two of which have completed.

The strategy is predicated upon core-plus and value-added assets mainly in Germany and Poland.

Credit Suisse has been retained as placement agent, through the bank’s real estate private funds group despite losing a number of key staff last year.  

A spokesman for ECE declined to comment on the fundraise, but said it was building up a fund management arm, ECE Real Estate Partners.