ECE and METRO extend MEC’s joint venture contract10 March 2017
ECE Projektmanagement GmbH & Co. KG and METRO GROUP Asset Management Services GmbH have extended the joint venture contract of MEC METRO-ECE Centermanagement GmbH & Co. KG until the end of 2020. The two equal shareholders thus underline their desire to continue the success story of MEC.
The CFO of METRO PROPERTIES, Jürgen Schwarze, said after the signing, "MEC has achieved a great deal in the last five years. In the years ahead, I am firmly convinced that it will continue to make targeted use of the market potential it has created, and expand it further." Currently, MEC has 49 centers under management (+39% since its foundation).
The CEO of ECE, Alexander Otto, is likewise impressed by the development of MEC. "I think the results of the last few years are quite respectable. In addition to the rapid growth of the young company, I am particularly pleased that MEC enjoys such a high reputation on the market after such a short time."
"We are delighted by this vote of confidence from our shareholders," emphasise the two Managing Directors of MEC, CFO Sebastian Kienert and COO Christian Schröder, adding, "The strategy of MEC for the years ahead will be to continue driving forward healthy growth in the highly attractive market of retail parks." Furthermore, MEC intends to increase the value of the centers already in its portfolio, in the form of project developments, expanding the range of services, etc.
Background information on MEC METRO-ECE Centermanagement
MEC METRO-ECE Centermanagement GmbH & Co. KG is a joint venture between the METRO GROUP Wholesale & Food Specialist Company and ECE. MEC is responsible for integrated management, including commercial and technical property management, local center management, the letting and marketing of a total of 49 retail parks in Germany at the moment. All of the centers, with approximately 1.000 tenants, generate a yearly turnover of €3.1 billion on a rental space of
About ECE Projektmanagement
ECE Projektmanagement was founded by mail-order pioneer Werner Otto (1909-2011) in 1965. It has been in family ownership until today and is currently managed by Alexander Otto as CEO. The company currently has a market value (assets under management) of approximately 33.5 billion euros. ECE is European market leader in the field of shopping centers with 199 shopping centers under management (49 of which are managed by MEC METRO-ECE Centermanagement GmbH & Co. KG) and business operations in 14 countries. More than 4.6 million customers visit the centers of ECE every day. At all ECE centers, about 21,000 retail businesses generate 24 billion euros in annual turnover on a total sales area of 7.3 million square meters. In another business area, ECE develops, plans, and realizes company headquarters, office buildings, industrial properties, logistics centers, traffic properties, hotels, and city quarters.
About METRO PROPERTIES
METRO PROPERTIES is the real estate company of METRO GROUP Wholesale & Food Specialist Company, an internationally leading specialist in wholesale and food retail. With its sales lines METRO Cash & Carry and Real as well as its other associated companies, METRO GROUP W&FS Co. operates in 35 countries and employs more than 112,000 people around the world. METRO PROPERTIES combines comprehensive retail competence, highly developed real estate expertise and implementation capability. METRO PROPERTIES is a partner for investments as well as for the development and support of modern wholesale and retail stores. At both the national and international level, METRO PROPERTIES pursues active and value-enhancing property management. Investors, leasing partners and customers receive competent support at METRO GROUP’s stores worldwide. Apart from its headquarters in Germany, the company operates through locations in Poland and Turkey. In other countries, the company is represented by regional managements.