December 15, 2016

Futureal Group sells polish Nova Park shopping center for €88.5 million

Futureal Group sells polish Nova Park shopping center for €88.5 million

Futureal Group has sold its Polish retail asset, Nova Park to a joint-venture formed by MAS Real Estate Inc. and Prime Kapital Limited for €88.5 million.

Over the last four years Nova Park, located in central Gorzów in western Poland has become the largest shopping center in the region with a catchment of 370,000 people.

Nova Park opened in April 2012 as a joint investment of Caelum Development and Futureal Group. The mall with its current gross leasable area of 32,580 sqm accommodates 140 shop units, including 14 restaurants and a multi-level parking structure for 910 cars. Nova Park benefits from its excellent visibility and accessibility due to good road and public transport connections and its location within a short walking distance from the city centre.

“In 2011, within two months, Futureal Group managed to implement a complex, structured investment and raise €50 million of development finance in the middle of the Euro crisis. During the successful partnership with our Irish partner, Caelum, we have together developed an asset that went on to become the dominant shopping center in the region,” said Gábor Futó, founder of Futureal Group.

By 2014 Futureal Group gained 100 percent ownership in the mall. Nova Park has realized a growing turnover of over 10 percent per annum since 2012 and has received a building permit for a 6,800 sqm gross leasable expansion. The project also won the CIG Best Retail Development of the Year award in 2012.

Nova Park enjoys a diversified mix of high quality tenants including international and national brands such as Bershka, C&A, CCC, Cropp Town, Deichman, Douglas, Empik, H&M, Intersport, KFC, Media Expert, Mohito, New Yorker, Piotr i Pavel, Pull&Bear, Pure Fitness, Reserved, Rossmann, Sephora, Sinsay, Smyk, Stradivarius and Super-Pharm.

The joint venture between MAS and Prime Kapital will own Nova Park. Prime Kapital, that sourced the deal, will also manage the shopping center. The purchase of the mall has been the joint venture’s first acquisition in Poland.

“This successful acquisition is an important step in achieving our strategy to deliver sustainable growing income distributions through exposure to dominant assets in Central and Eastern Europe and Western Europe. This investment, as part of our joint venture with Prime Kapital, is a good example of the synergy created by the two businesses which are being leveraged to generate growing income through active asset management and redevelopment,” commented Lukas Nakos, CEO of MAS.

“In addition to the immediate income being generated by the property, the acquisition provides significant opportunities to enhance the income stream and further strengthen the mall’s dominance through active asset management and a substantial extension, aligning with the group’s strategy of delivering growing income distribution,” said Victor Semionov of Prime Kapital.

JLL provided advisory services and acted as the exclusive agent during the transaction process.

“As one of the largest developers in Central and Eastern Europe, Futureal stays committed towards the Polish market. We are continuously looking for investment opportunities in the commercial real estate sector as an independent player or part of a joint-venture. We see enormous potential in the country,” said Tibor Tatár, CEO of Futureal.

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