Tower Property Fund acquires Croatian retail property portfolio for 66m euros

Posted On Thursday, 28 January 2016 14:02 Published by
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Tower Property Fund conclude preliminary agreement with Agrokor d.d and Konzum d.d to acquire 4 Konzum stores and shopping centres in Croatia for €66 386 227 less the amount of debt in the Dubrovnik company.

Konzum Super Zagrebu

Agrokor Group, the controlling shareholder of Konzum, is the largest company in the Adria region, employing over 60 000 people. Agrokor focuses on food retail and wholesale as well as food production and has an annual turnover of €6.5 billion.

Agrokor is, the largest supermarket retailer in Croatia and Bosnia and Herzegovina. The acquisition of the Mercator business enabled Agrokor to also become the leading food retailer and wholesaler in the markets of Serbia, Slovenia and Montenegro. Agrokor's retail in the region employs 41 500 people in over 2 000 stores.

Konzum employs over 14 000 people in more than 740 stores in Croatia alone.

“The acquisitions are in accordance with Tower’s strategy of establishing an offshore European platform to seek out new markets that provide strong diversification opportunities through premium, high quality properties,” the company said.

The Dubrovnik property, the Zagreb property, the Gračani property and the Velika Gorica property are situated in prime locations, built to European standards and feature internationally renowned tenants.

The Zagreb property and the Velika Gorica property are standalone superKonzum stores (equivalent to the South African Hypermarket stores). The Dubrovnik property and the Gračani property are shopping centres in which Konzum is the anchor tenant and other strong line shop tenants make up the balance.

Last modified on Thursday, 28 January 2016 21:15

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