ATP Real Estate bags German mall for €212m

ATP Real Estate, the property arm of Danish pension fund ATP, has acquired the Waterfront shopping centre in the north German city of Bremen for €212 mln.

ATP Real Estate purchased 95% of the property with Germany’s ECE acquiring the remainder.

The acquisition marks ATP Real Estate’s first direct investment in a shopping centre outside Denmark. It is also one of the largest-ever direct, international real estate investments by a Danish real estate investor, the company said, and fits in with ATP Real Estate’s strategy of focusing on larger direct investments abroad.

Michael Nielsen, CEO at ATP Real Estate, said: ‘The Waterfront shopping centre is an attractive investment as it is in line with ATP Real Estate’s strategy to generate long-term income and cash flows by investing in properties in prime locations and with low risk.

‘We have previously announced ATP Real Estate’s increased focus on this type of real estate assets in Denmark as well as internationally. The Waterfront investment should be seen as a step in executing this strategy.’

The fully let shopping centre opened in 2008 and comprises a sales area of 44,000 m2, attracting more than eight million visitors per year. It is located 6 km from Bremen city centre close to the river Weser. Tenants include Primark, Media Markt, H&M, Intersport and New Yorker.

ECE Projektmanagement will operate the Waterfront. ATP Real Estate and ECE have worked together on other investments, including the Rosengårdscenteret shopping centre in Odense, Denmark, in which ATP Real Estate holds a stake of 33%.

Volker Kraft, CEO at ECE Real Estate Partners, commented: ‘With the Waterfront acquisition we are able to continue our long-standing, successful partnership with ATP. We are pleased with this further development of our partnership and thank ATP for the trust they have in us.’

ATP Real Estate is Denmark’s largest real estate investor with a portfolio of €4.5 bn. High-profile properties include North Galaxy in Brussels, UN City in Copenhagen, Christiansbro in Copenhagen and the Axel Towers development at Axeltorv in Copenhagen city centre.