In its 50th year, Rhein-Ruhr-Zentrum will undergo a transformation into a unique, experiential ‘Shopping Resort’
Mülheim, July 25, 2023 – Pan-European real estate investment and development company Eurofund Group and London-based private equity firm Signal Capital Partners confirm that their joint venture has signed a purchase agreement for the 200,000-square-meter 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 first insight into their plans was given by Colman McCarthy, Partner of Signal Capital and Ian Sandford, President of Eurofund Group on 24 July 2023, during a briefing event at the Rhein-Ruhr-Zentrum in Mülheim. In the presence of the Lord Mayor of the City of Mülheim, Marc Buchholz, and the Centre Manager Frederik Schmälter, the joint venture partners presented their vision and ideas for the shopping resort of the future to the tenants and local media representatives.
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 centre 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 Centre can look back on an eventful history. It was opened on March 1, 1973 and was considered a important milestone in the economic history of the prospoerous 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 socialising, bringing the centre back to life. With this project, we aim to realise 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 centre 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 to a new region, Eurofund Group have 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 make him an invaluable addition to the Eurofund Group team. ECE will continue as the property manager for RRZ.
– ENDS–
Press contact
Oliver Kirman, Innesco
Anja Lottmann, 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 Signal Partners
Signal Capital Partners is a €2.5 billion London-based private asset management firm focused on European corporate and real estate investments in special situations.
