Dresdner Bank appoints CWHB to sell failed €650m Bremen leisure park (DE)

Dresdner Bank AG has appointed property consultants Cushman & Wakefield Healey & Baker (CWHB) to sell its failed €650 million leisure park Space Park in Bremen, monthly magazine EuroProperty said in a pre-released report.

'We are now in the second phase of the sales process,' said Martin Braun, head of corporate finance at CWHB in Frankfurt. 'There is no fixed deadline for a sale, but we don´t want it to continue into next year.'

Dresdner Bank took over a 90 pct stake in Space Park from its fund management arm Degi and has written down the value of the investment, the magazine said.

Space Park closed last summer after operating for only six months, as it failed to attract retailers and visitors.

'But there is serious interest from two dozen national, European and international investors,' Braun said.

Dresdner Bank was not immediately available for comment.

Source: Freeman

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