AN IRISH property company has converted an abandoned waterfront leisure centre in the German city of Bremen into a top class shopping centre, hotel and leisure complex with a value of over €200 million.
LNC Property Group, part of the Oyster Group controlled by Dublin-based businessman Bill McCabe, bought the redundant centre on the River Weser four years ago from the Dresdner Bank for €50 million.
It has since been transformed into one of the major attractions in the city with more than 100,000sq m (over 1 million sq ft) of lettable space for shopping, cinema, leisure, hotel, foodcourt and restaurants.
More than 80 per cent of the 57,774sq m (621,556sq ft) of retail space was let when the Waterfront Centre reopened last week to crowds of over 135,000 on each of the first two days.
Tenants include operators like HM, Esprit, New Yorker, Tommy Hilfiger, Promod, Muller, Ecco, Mango,Marco Polo, Avani, CA and Starbucks. The initial rent roll of €9.5 million is expected to move up to €12.5 million per annum when it is fully let. Visitors were also attracted to the 10-screen cinema and the 158-bedroom Innside Hotel.
The Waterfront will be one of the central properties in the €500 million property portfolio built up by LNC Property Group over the past 10 years. The company, which is run by Ken McCullagh (chief executive) and Keith Pringle (property director), has extensive property interests in the UK, Ireland, US, South Africa and mainland Europe.
