ATP Real Estate invests €212 mln in German shopping centre (DE)

Waterfront Bremen

ATP Real Estate has acquired the shopping centre Waterfront located in Bremen, Germany from vendors Resolution Property and LNC Property Group.  ATP Real Estate has purchased 95% of the property and German ECE/Otto Family has purchased the remaining 5%.


This is ATP Real Estate’s first direct investment in a shopping centre outside Denmark. It is also one of the largest direct, international real estate investments by a Danish real estate investor. The investment is part of ATP Real Estate’s strategy to focus on larger direct investments abroad.


Waterfront Bremen opened in September 2008 and Resolution Property subsequently acquired a 50% share from LNC in August 2010 as part of a €130 mln joint venture. The joint venture has since undertaken an extensive asset management programme generating significant added value of leasing or lease renewals. Footfall has increased from 5 million to 8 million over the same period.


The shopping centre comprises a sales area of 44,000 m² with more than eight million visitors per year. It is fully let with 120 retailers which include such brands as Primark, Media Markt, H&M, Intersport, and New Yorker. The shopping centre has many high-quality tenants with long-term leases. It features a mix of fashion shops, a cinema complex, a large food court with cafés and restaurants, and 4,000 car parking spaces, many in the basement parking garage.


ECE Projektmanagement GmbH & Co. KG will be the future operator of Waterfront. ATP Real Estate and ECE have previously partnered in connection with other investments - one being the shopping centre Rosengårdscenteret in Odense, Denmark, where ATP Real Estate holds an ownership interest of 33%.


Waterfront is 6 km from the Bremen city centre close to the river Weser and within walking distance of buses and light rail.


Source: ATP Real Estate

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