Eurofund Group and Signal Capital Partners confirm that their joint venture has signed a purchase agreement for the 200,000 sq m Rhein-Ruhr-Zentrum in Essen. The partners will invest a total of around 180 million euros over the next few years, divided into two phases.
The Rhein-Ruhr-Zentrum is located in one of Germany’s largest conurbations, 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 links offering the potential for further expansion of the catchment area.
The center can 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 stores and restaurants, the Rhein-Ruhr-Zentrum was already a pioneer and magnet for people from the region 50 years ago.
“We want to restore the Rhein-Ruhr-Zentrum in Mülheim to its former stature as a regionally dominant and innovative community hub. Namely, a strong point of attraction with a modern offering for shopping, entertainment and socializing, bringing the center back to life. With this project, we aim to realize the first ‘Shopping Resort’ in Germany. And, after half a century, Mülheim can once again be a vanguard for the region’s best shopping experience”, explains Ian Sandford, President of Eurofund Group.
“Rhein-Ruhr-Zentrum has found an excellent new owner”, says Mülheim’s mayor, Marc Buchholz. “Even before the takeover, the joint venture was in close contact with the administration. As a city, we are happy to see the revitalization of the shopping center in good hands and are pleased that there is also a solution for the continued success of the Karstadt department store.”
With this new project and entry into a new region, Eurofund Group has set up new offices in Germany, which will be headed by Sean Roberts, CEO Retail Germany. Sean’s experience overseeing new market expansions and operations in previous roles makes him an invaluable addition to the Eurofund Group team. ECE will continue as the property manager for RRZ.