Rockcastle Global Real Estate buys two Polish shopping centres

Posted On Wednesday, 07 December 2016 12:43 Published by
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Rockcastle Global Real Estate concludes the preliminary agreements to acquire the shopping centres in Poland.

 Focus_Park

Rockcastle Global Real Estate has concluded the preliminary agreements to acquire the shopping centres known as Focus Park Zielona Góra and Focus Mall Piotrków Trybunalski in Poland.

Rockcastle said all conditions had been met and the transaction had been concluded on November 30.

The aggregate purchase price for the two malls was EUR160m (about R2.35bn) which was settled from Rockcastle’s existing cash resources and represents an average acquisition yield of about 6.5%.

The Focus Park shopping centre has a gross lettable area of 26‚800m² and opened for trading in 2008. It is the largest retail destination in the city of Zielona Góra‚ which has a population of 138‚000.

With an annual footfall of more than 5.2-million‚ Focus Park has the highest footfall in the region. The shopping centre’s list of retailers includes Bershka‚ C&A‚ H&M‚ KFC‚ McDonald’s‚ New Yorker and Smyk.

The site allows for a shopping centre gross lettable area extension of at least 12‚000m². Rockcastle said it intended to apply for the necessary permit to undertake the extension “which is being driven by high tenant demand”.

Focus Mall is in Piotrków Trybunalski‚ in central Poland‚ and has 75‚608 inhabitants. Focus Mall was opened in 2009. The centre offers 35‚168m² gross lettable area divided across two retail levels. It has an annual footfall of more than 4.2-million people.

Key tenants in the centre include CCC‚ H&M‚ Helios Cinema‚ KFC‚ New Yorker‚ Pepco and Smyk. In addition‚ a new lease has been signed with Carrefour to open a 3‚444m² supermarket‚ which will strengthen the current retail offering.

Rockcastle and Romanian shopping centre owner New Europe Property Investments are investigating a merger that would create a large eastern European property developer and manager.

source: BDpro

Last modified on Wednesday, 07 December 2016 12:56

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