CBRE to take over property management of the Rhein-Ruhr-Zentrum in Mülheim

Eurofund Group and Signal Capital Partners confirm that in early 2024 the CBRE Retail Consulting division (formerly Prime Consulting GmbH) will take over the management and marketing of the Rhein-Ruhr-Zentrum (RRZ) in Mülheim. CBRE Retail Consulting, based in Düsseldorf, specializes in leasing, consulting and management of shopping centers as well as retail parks, and has more than 30 years of experience in this field. In September, CBRE – the world’s largest commercial real estate services and investment firm – acquired Prime Consulting from CEO and owner Alastair Green. With the acquisition, CBRE intends to expand its consulting services for the retail sector in Germany.

Eurofund Group and CBRE have previously worked together successfully on the Puerto Venecia project in Spain and the UBBO project in Portugal. Opened in 2012, the 206,000 sq m Puerto Venecia development marked the birth of the ‘Shopping Resort’ concept. The scheme has been a stand-out success, now attracting over 20 million visits annually. The same concept has also guided Eurofund Group’s transformation of UBBO Lisbon, which is consistently recognized among the city’s leading centers and has recently also broken through the 20m footfall barrier. With Rhein-Ruhr Zentrum, Eurofund Group, Signal and CBRE will bring the ‘Shopping Resort’ to Germany— combining the best of retail, alongside comfortable public realm, and leisure activities for the whole family.

“We have selected a strong strategic partner for this project in CBRE, who will support us in realising our vision of transforming the Rhein-Ruhr-Zentrum in Mülheim once again into a regionally significant and innovative district center. We will partner with one of the most senior retail teams across German being led by Alastair Green with over 20 years retail experience and 50 retail professionals. Our common goal, in addition to building on our strong relationships with existing tenants, is to attract new partners to the building and provide an attractive and innovative mix of retail, dining and leisure,” says Ian Sandford, President of Eurofund Group.

“The recent signing of the management and leasing contract for the Rhein-Ruhr-Zentrum shopping center represents a key step in the partnership between CBRE and Eurofund and Signal. We firmly believe that pivotal areas such as innovation, customer experience, our retail integrated approach and international experience will be the cornerstones of the successful management of this venture. This commitment with Eurofund and Signal bolsters CBRE’s foothold in Europe and exemplifies our commitment to growth in German retail, particularly in the wake of our recent acquisition of Prime Consulting. CBRE looks forward to working closely with Eurofund and Signal in delivering unparalleled value and growth for the Rhein-Ruhr-Zentrum shopping center,” adds Ana Colom, Head of Retail Property Management CBRE Europe.

The extension with an anchor tenant of the Rhein-Ruhr-Zentrum, CinemaxX, for a further 15 years was already announced in September. Negotiations are also currently being held with a number of new tenants for the shopping center. The Rhein-Ruhr-Zentrum is located in one of the largest German metropolitan areas, the Rhine-Ruhr region, with more than ten million inhabitants. Due to its proximity to the city of Essen, the center also attracts visitors from the neighboring cities of Oberhausen, Duisburg, and Düsseldorf, with good transport connections offering the potential for further expansion of the catchment area. The center can also look back on an eventful history: it was opened on March 1, 1973, and was considered an important milestone in the economic history of the prosperous city of Mülheim. With its successful mix of retail and gastronomy, the Rhine-Ruhr Centre has been a pioneer and attraction for people from the region for the last 50 years.