ECE secures financing for EUR 220m Istanbul scheme

German shopping centre specialist ECE has secured financing for its EUR 220 mln project Marmara Park in Istanbul days before the first foundation stone is due to be laid on 1 March. The investor is a closed real estate fund of DWS, which is taking over 50% of the planned shopping centre. The other 50% will remain in the hands of ECE and the family of Alexander Otto, CEO of ECE. Turkish lender Finansbank is financing the deal and providing a credit of up to EUR 115 mln.

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