Gleiss Lutz and its Alliance partner Herbert Smith have advised Resolution Property on the acquisition of a 50% stake in the Waterfront shopping centre in Bremen, Germany, from LNC Property group. The centre with a value of €130 million is now held by a joint venture of the two companies.
The 70,000 sq m Waterfront development is a covered shopping and leisure centre within Bremen’s harbour district. It has been developed by Irish private property company LNC and opened in September 2008.
Resolution will become a partner in the Waterfront and will be responsible for future lettings. The existing shopping centre has around 10 per cent availability. LNC will take responsibility of the development of the second phase of the project including a further 14,000 sq m of retail area, which is expected to commence within the next twelve to 24 months.
The following Gleiss Lutz team advised Resolution on the deal: Dr. Tim Weber (lead, partner, real estate), Dr. Michael Marquardt (partner), Stefan Köhler (both tax), Dr. Claudia-Maria Wirth (real estate), Antonia Harbusch (merger control), Dr. Felix Bergmeister (corporate), Dr. Helge Kortz (partner), Dr. Andreas Kohlheim (both finance, all Frankfurt), Dr. Stefan Geiger, Gregor Kollmorgen (both public law, Berlin).
Herbert Smith advised on the already existing financing of the centre which is subject to English law. Simon Price (partner, real estate), Simon Chadney (partner, real estate finance) und Patrick Slater (real estate finance, all London) acted for Resolution.
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