BIG is expanding its operations in Europe and entering the Polish market for the first time by purchasing two open commercial centres in Poland with a total value of €65 million. Hay Galis, CEO of BIG, notes that these two acquisitions support the company’s growth plans to become a dominant player in the Retail Park sector in Poland.
The first commercial centre is located in the city of Andrychow and comes with a leasable area (GLA) of approx. 23,300 sqm with an occupancy rate of 100 percent. The retail park-style complex, similar to some of the BIG Centers in Israel, Serbia, and the USA, serves approx. 200,000 shoppers. The commercial park has several anchor tenants, including the LIDL supermarket and the DIY store chain Leroy Merlin, as well as tenants in the electrical, fashion, sports, leisure, and other sectors.
The second commercial centre in Lubin includes a leasable area (GLA) of approx. 13,300 sqm and is expected to be open to the public in September 2022 with an occupancy rate of approx. 100 percent. The commercial centre has several anchor tenants and leading brands in Europe, including CARREFOUR, Media Expert, Sports Direct, CCC, Sinsay, Jula, and more.
Hay Galis, CEO of BIG, points out: “These purchases reflect the company’s plans to locate strategic assets in Eastern Europe and the Balkans. Entering the Polish market is essential to becoming a prominent player in the market and Poland is full of potential for development. At the same time, we continue to expand our activity in Eastern Europe through AFI Properties, which is currently experiencing a boom of activity, as reflected in the scope of the new transactions it carried out during the last year and in the development of projects under construction.”
BIG Shopping centres was established in 1994 by Yehuda Naftali, BIG Shopping Centers Ltd. It is a leading real estate group in Israel, focusing on developing, operating, and investing in open shopping and lifestyle centres, logistics, offices, and residential and renewable energy. BIG is a public company listed on the Tel-Aviv Stock Exchange since 2006, with a market cap of approx. €3.1 billion as of 31 December 2021. It is included in the prestigious TA-35 index (the index of the 35 prominent companies listed on the stock exchange in Israel). BIG is the controlling shareholder (approx. 85 percent) of AFI Properties Ltd.
Since January 2021, AFI Properties Ltd. has been a leading entrepreneurial company of high magnitude yielding real estate assets, mainly focusing on offices and residential sectors. Today, the company operates in five countries: Israel, Serbia, Romania, Poland, and the Czech Republic. AFI Properties Ltd. is a public company listed on the Tel-Aviv Stock Exchange since 2004, with a market cap of approx. €2.1 billion, as of 31 December 2021.