Solaris is an 18,000 square metre GLA shopping centre, located adjacent to the Old Town in Opole and in close proximity to the main train station and Opole’s university. The location in the city centre ensures strong footfall and Solaris can be easily accessed by both car and public transport. It is a modern third-generation shopping centre which opened in 2009 encompassing three main retail levels and two levels of parking.

The mall houses numerous international and national fashion brands, such as Alma, C&A, CCC, Euro RTV AGD, Inditex, Intersport, LPP group, New Yorker and Rossmann. The weighted-average lease term is 4 years. Rockcastle, together with the vendor, are in the process of finalising the terms of a public-private partnership agreement with the city of Opole to secure an additional 9,000m2 of retail bulk on an adjoining property.

This will facilitate the expansion of the existing shopping centre to accommodate both current and new tenant demand. The cost of this expansion is projected to be approximately EUR25 million.

The aggregate purchase price for the transaction is R683m (EUR52 million) at an initial yield of 7.7%.