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.