With 14 centers under management and over 500,000 m² leasable area and an overage of over 100 shops per center this is one of the largest management portfolios in Spain. Operations of Auxideico Gestión S.A.U. will remain largely unchanged, with all 68 employees remaining in the company. For the time being, the name Auxideico will not change, but will run as part of the ECE Group.

Mr. Alexander Otto, CEO of ECE: “We are thrilled to enter the Spanish market. After expanding to Eastern Europe for years, this is the first time ECE will be managing a significant portfolio of shopping centers in Western Europe. With 130 centers under management we will be even better prepared to use synergies in our center management division. ING Real Estate Investment Management and the other owners of the centers are experienced and reliable partners with whom we look very much forward to working with.”

Mr. Carlos Pestaña, Chief Operating Officer of Auxideico Gestión S.A.U.: “To Auxideico it is a satisfaction and an extraordinary opportunity for improvement and growth, joining one of the most outstanding and reputed real estate companies in Europe. We are confident that the synergies arising from the integration of both companies will contribute to position Auxideico as the market leader in Spain.”

These are the 14 shopping centers managed by Auxideico Gestión S.A.U.:

• “El Boulevard” in Vitoria (opened 2003, 84,300 m² leasing area)
  
• “Salera” in Castellón (2006, 71,000 m²)
  
• “As Termas” in Lugo (2005, 46,500 m²)
  
• “Berceo” in Logroño (2003, 45,700 m²)
  
• “Gran Vía de Vigo” in Vigo (2006, 41,500 m²)
  
• “Gran Vía Alicante” in Alicante (1998, 37,300 m²)
  
• “Alcalá Magna” near Madrid (2007, 34,200 m²)
  
• “Moraleja Green” in Madrid (1995, 29,000 m²)
  
• “Parc Central” in Tarragona (1997, 26,700 m²)
  
• “Ociopía” near Alicante (2006, 26,500 m²)
  
• “El Tormes” near Salamanca (2000, 22,600 m²)
  
• “La Bretxa” in San Sebastian (1999, 13,000 m²)
  
• “Montecarmelo” in Madrid (2005, 12,000 m²)
  
• ”Divervalles” in Guadalajara (2007, 10,200 m²)

ING Corporate Finance has acted as financial advisor of ING Real Estate Development in this transaction. Garrigues and Hammonds have been the external legal advisors of ECE and ING Real Estate Development, respectively.

Source: ECE