Union Investment acquires shopping centre in Poland from CBRE Property Fund Central Europe
Union Investment and CBRE Global Investors have announced the completion of the Sarni Stok shopping centre transaction. The property is the second foreign investment for UII Shopping Nr. 1 retail property fund and was acquired from CBRE Property Fund Central Europe managed by CBRE Global Investors.
The new addition to the portfolio is Sarni Stok in Bielsko-Biała, in Poland’s Silesia region. Opened in 2001, it comprises of 73 retail units spread over an area of some 31,243 sqm. The centre has undergone an extension and refurbishment in 2012. CBRE Property Fund Central Europe owned the property since 2006.
“Sarni Stok is an established shopping centre with a diverse tenant mix located in a metropolitan area with above average purchasing power, making it an excellent fit for our thematic fund,” said Dr. Christoph Schumacher, a member of the management team at Union Investment Institutional Property GmbH, Hamburg.
Martin Sabelko, a Fund Manager and CEO of CBRE Global Investors Central and Eastern Europe commented on the transaction: “We are pleased to announce a completion of this disposal which is in line with our promise and our commitment to the Fund Business Plan presented to our investors. This transaction also highlights our increasing transactional activity in the CEE region.”
The shopping centre has an attractive catchment area of around 400,000 people and benefits from very good visibility and an excellent accessibility both by car and public transport, with numerous bus routes stopping immediately in front of the property. Big-name anchor tenants such as Carrefour, Media Markt, TK Maxx, H&M, New Yorker, Jula and Rossmann contribute to the attractiveness of the shopping centre, which offers 1,240 free parking spaces.
Law firm Hogan Lovells and JLL advised Union Investment on the deal and Clifford Chance supported CBRE Property Fund Central Europe with its legal services.