Waterfront Bremen
Located directly at the Weser River in Bremen, in close proximity to the new Überseestadt city development, Waterfront Bremen represents an established super-regional shopping & entertainment destination with a good branch and tenant mix.
The Project
At the time of purchase, Waterfront was a “tainted” centre with over 35% vacancy, buying a 50% interest in a JV as the “operating partner”. A business plan was created to establish Waterfront as a known shopping centre brand and destination for retail and leisure to increase revenue, visitor numbers and NOI and delivering capital growth upon selling.
The results
After establishing a new operations and marketing team to implement the business plan vision; centre vacancy was reduced to less than 5% and net income grown by 100%. Sold to ECE in 2015 realising a 1.8x equity multiple.
5%
vacancy
6Mn+
visitors
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