July 27, 2015

Riviera shopping centre in Gdynia to change hands

Riviera shopping centre in Gdynia to change hands

Colliers International and JLL have announced the signing agreement for the sale of the Riviera shopping centre in Gdynia. The volume of the transaction is €291 million, with potential increase through earn outs up to €300 million.

The closing is scheduled to occur on August 31, 2015.

International advisory companies Colliers and JLL co-exclusively represented the vendor – Foncière Euris and its subsidiary Rallye – in this transaction.

Agata Sekuła, International Director, Head of Retail Investment CEE at JLL, commented: “We are honoured to have advised on this transaction which is - to date - the biggest deal this year not only in the retail segment but across all sectors of Poland's commercial real estate market. The sale of Riviera in Gdynia illustrates the strong interest that investors continue to have in core retail properties located in Poland's major agglomerations.”

Neil Gregory-Eaves, International Director at Colliers, added: “Demand for regionally dominant centres in Poland is growing and now attracting the top investors globally. Investor interest in Riviera originated from across the EMEA and Asia and the fierce competition for the property was reflected in pricing, a new benchmark in Poland."

With over 70,000 sqm GLA and more than 230 shops, Riviera is the largest shopping and entertainment centre in the Tri-City region (Gdańsk, Gdynia, Sopot). The scheme boasts an extensive retail and services offer including leading Polish and international brands such as Bershka, H&M, Mango, Massimo Dutti, Pull & Bear, Reserved, Stradivarius, Zara, Van Graaf, as well as an Auchan hypermarket. A Helios multiplex cinema and numerous restaurants contribute to Riviera's well-developed entertainment area. The scheme was commissioned for use in October 2013.

Mayland Real Estate acts as a Property Manager for Riviera shopping centre.

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