Italian banking group Intesa Sanpaolo has funded Hamburg-based ECE’s second Italian investment, the acquisition of the shops at La Cartiera shopping center in Pompei, with an $80m first mortgage loan.
ECE Italia made the investment through its ECE European Prime Shopping Centre Fund II, focused on the acquisition of existing European shopping centers with value-add potential. The company will take over the property management and the leasing of the center on 1 Aug.
The fund also purchased the Stern-Center shopping mall in Lüdenscheid, Germany, just days before the Italian investment, and the company has stated its intention to buy the new Zielone Arkady in the Polish city of Bydgoszcz.
Opened in 2012, La Cartiera comprises 115 shops, including anchor tenants Conad, Mediaworld, H&M, Piazza Italia, Alcott, and Toys. Fashion retailers are Desigual, Guess, Conbipel, Marella, Motivi, and Gutteridge. It is situated in downtown Pompei near freeway A3, with approximately 540,000 inhabitants within a 20-minute radius.
“Since its opening, the center has achieved a strong market position in its catchment area in the south of the Gulf of Naples,” said Dr. Volker Kraft, managing director of ECE. “Its dominant market position makes our investment… a perfect addition to the Portfolio of the ECE European Prime Shopping Centre Fund II.”
Investors in the ECE European Prime Shopping Centre Fund II include sovereign wealth funds, pension funds, and insurance companies from Europe, Asia, and the US, who have contributed commitments of 740 million euros.
The company’s first Italian acquisition was Megalò in Chieti, made through first ECE Fund. The second fund’s investment period will end in 2018. The acquisition price of La Cartiera could not be learned by press time.