Resolution Property has made its third investment this year in mainland Europe for its latest opportunity vehicle, Resolution Real Estate Fund III.
The London-based pan European firm has acquired a 50 percent stake in the Waterfront shopping centre in Bremen, Germany, as part of a €130 million joint venture with Ireland’s LNC Property Group, making the fund 40 percent invested. Resolution Real Estate Fund III closed on €808 million in December 2007.
The Waterfront development is a covered shopping and leisure centre within Bremen’s harbour district developed by LNC and opened in September 2008. According to a statement, the project has around 10 percent of space left to lease.
Earlier this year, the fund acquired the McArthurGlen Troyes outlet centre in France for €85.5 million and Galeria Pomorska in Bydgoszcz, Poland for €50.75 million.