Following its acquisition by Eurofund Group and Signal Capital Partners earlier this year, the Rhein-Ruhr-Centre is to be transformed into a unique, experience-oriented “shopping resort”.
Mülheim, December 2023 – The pan-European real estate investment and development company Eurofund Group and the London-based private equity firm Signal Capital Partners confirm that in early 2024, the CBRE division Retail Consulting (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, specialises in leasing, consulting and management of shopping centres 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 sqm 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 recognised among the city’s leading centres 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.
Ian Sandford, President of Eurofund Group: “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 centre. 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.”
Ana Colom, Head of Retail Property Management CBRE Europe: “The recent signing of the management and leasing contract for the Rhein-Ruhr-Zentrum shopping centre 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 centre.”
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 centre.
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 centre 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 centre 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.
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Press contact Eurofund, Germany
Andrea Ungereit-Hantl, Lottmann Communications
About Eurofund Group
Eurofund Group is an investment and development company operating in Spain, Portugal, UK and Italy. The group includes Eurofund Retail, a Living division that already operates as Tribu, (a co-living space in London) and they are soon planning to invest in Senior Living projects, and The Hood, an innovative anti-mall concept that combines street food, leisure, and cultural activities already operating in Lisbon.
Some of the company’s most notable projects include Puerto Venecia Zaragoza, voted the best shopping center in the world at MAPIC 2013; the acquisition of UBBO (formerly Dolce Vita Tejo) in Lisbon, where Eurofund Group has transformed it into the first Shopping Resort in Portugal; and the recent acquisition of Silverburn, the benchmark shopping center in Glasgow, UK. (Italy market)
About CBRE
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About CBRE Retail in Europe: CBRE manages 290 shopping centres and retail parks across Europe with presence in 20 countries, representing 8.1 Million sqm GLA and above 21,000 tenants under management. In Germany our footprint is 17 shopping centres and retail parks which represents 435,000 sqm.
