German shopping centre specialist ECE Projektmanagement is joining forces with peer HBB to develop a new shopping centre in Velbert, near Düsseldorf.

The companies, which already have a partnership in the construction and leasing of a mall in central Neumünster, will invest around EUR 100 mln in the development. The scheme will offer 20,000 m2 of retail space over three storeys and 450 parking spaces. The asset will be built on a vacant site formerly occupied by the city's market.

HBB will be responsible for development and leasing in Velbert, while ECE has the same role at the Neumünster project.

The companies has negotiated the necessary constracts with the city, and construction is planned to start in late 2012/early 2013, with completion expected for 2014.