The real estate unit of Danish pension fund ATP has acquired the Waterfront Shopping Centre in Bremen for €212m.

The 80,000 sqm asset was sold by a joint venture between Resolution Property and LNC Property Group.

Michael Nielsen, chief executive at ATP Real Estate, said the centre was an “attractive” investment in line with the fund’s strategy to generate long-term income and cash flows by investing in properties in good locations and with low risk.

“We have previously announced our increased focus on this type of real estate assets in Denmark, as well as internationally,” he said. 

“The Waterfront investment should be seen as a step in executing this strategy.”

Asset manager ECE will take over the centre’s management.

Waterfront, which opened in 2008, is let to tenants including Primark, Media Markt, TK Maxx, H&M, Footlocker and a Lidl supermarket.

Resolution Property took a 50% share from LNC in 2010 as part of a €130m joint venture.