ECE takes over management of Silesia City Center

An international consortium of investors led by Allianz has acquired the Silesia City Center shopping mall for EUR 412 million. Allianz have acquired the property in a consortium with other investors including ECE Projektmanagement. ECE will also manage Silesia City Center. The mall was sold by Nowe Centrum Sp. z o.o., a subsidiary of Immofinanz Group.

Alexander Otto, CEO of ECE, commented – “Silesia City Center will be the seventh shopping mall operated by ECE in Poland. We are pleased to add a well-known and very successful center, another jewel in the sector, to our portfolio. With our share of the acquisition of the mall we have also demonstrated our faith in the future of the center.”

Silesia City Center was built in 2005 and extended in 2011. Due to its dimension, the attractive tenant mix and the nationwide prominence, Silesia City Center is one of the five biggest shopping centers in Poland. The largest tenants include C&A, Cinema City, H&M, Pure Health and Fitness, Saturn, Smyk, Tesco, Van Graaf and Zara. Apart from the ICSC European Shopping Center Award, Silesia City Center gained a number of other prices.

Allianz Real Estate is the strategic firm of expertise in real estate within the Allianz Group and a leading international real estate investment and asset manager. As of 31st December 2012 Allianz Real Estate has approximately EUR 22 billion assets under management.

ECE develops, plans, builds, leases out and manages large commercial real estate in the shopping, office, industries sectors since 1965 and is active in 17 European countries. The company is European market leader with 187 managed shopping centers. Among these centers are Potsdamer Platz Arkaden in Berlin, Promenaden at the Leipzig central station, Alstertal-Einkaufzentrum in Hamburg, Serdika Center in Sofia, Vremena Goda in Moscow and Marmara Park in Istanbul.