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 200,000sq 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 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 neighbouring 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 1 March 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 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.
