Two centers from the portfolio of MEC METRO-ECE Centermanagement GmbH & Co. KG recently underwent a change of ownership. For both Emaillierwerk Fulda and Dreieich Nordpark, MEC remains responsible for center, property and leasing management.
In April, the firm F&C REIT Asset Management (F&C REIT Deutschland), a specialist in investments in real estate from large and medium-sized cities, secured the purchase of Emaillierwerk Fulda in conjunction with an individual mandate for a pension fund. The seller is OFB Projektentwicklung GmbH, a subsidiary of the Regional State Bank of Hesse-Thuringia (Helaba).
MEC has been managing Emaillierwerk since the middle of 2013. The center is located not far from the pedestrian zone in Fulda and was opened in 2011. The tenant mix in the hybrid mall combines all of the supply functions of a retail park with the classical shopping center elements, such as a high level of fashion expertise and attractive architecture. Over the last two years, MEC has been introducing the new "Shopping with pleasure" marketing concept, which has not least resulted in an increase in footfall. One significant vacancy was filled at the beginning of the year with the letting of a unit of more than 500 m² to KiK. Furthermore, MEC has increased the amenity value by improving the level of cleanliness in the outdoor area and shopping street.
In May, TIAA Henderson Real Estate (TH Real Estate), acting on behalf of the pan-European retail trade fund Herald, sold the "Dreieich Nordpark" retail park near Frankfurt am Main. The purchaser is a pan-European real estate fund managed by M&G Real Estate.
Since November 2013 MEC has been managing the approximately 23,500 m² retail park south of Frankfurt am Main. New life was breathed into the center in 2011. In addition, TIAA Henderson Real Estate developed and implemented a completely new and modern branding concept for the location. Over the last 18 months, MEC has improved the degree of name recognition of the center with many advertising measures such as its own website, thereby increasing the number of visitors. Moreover, technical measures such as the construction of a lift have been initiated.
"We are very pleased that the two locations are remaining within the MEC portfolio and the two investors have placed their confidence in us," says MEC COO, Christian Schröder. The above measures have once more demonstrated that MEC remains very flexible with respect to its ability to adapt to a wide range of market requirements.