German shopping centre developer ECE Projektmanagement is acquiring Allianz Immobilien's shopping centre management business Allianz CenterManagement (ACM). Allianz said in a statement that ACM will operate under a new name as a subsidiary of ECE's GB Immobilien. The company will retain the management of Allianz's existing shopping centres as well as other shopping centres that Allianz acquires in the future. The deal, which is expected to be completed in July 2008, is subject to approval by the German antitrust authorities. The financial details of the transaction were not disclosed.
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