Dentons real estate team has advised Fortis Nowy Stary Browar on the sale of Commerce, Art and Business Center Stary Browar in Poznan, Poland to Deutsche Asset & Wealth Management acting on behalf of its German fund grundbesitz europa. Transaction value is ca. €290 million.
Stary Browar was created as a result of revitalization and development of the 19th century buildings of the Hugger’s Brewery. Prior to opening as a shopping centre, Stary Browar (meaning ‘old brewery’) was run for several years as an arts centre, with an extension added in 2007. The inner-city shopping centre has changed the face of the city offering, not only with numerous top-class attractions but also through changing Półwiejska street – connecting Stary Browar with Stary Rynek – into a popular promenade and one of the most expensive streets in Poland, as well as revitalizing the 4-hectare park which has become a favourite meeting place for Poznań locals.
“Stary Browar is a unique spot on the Polish cultural map. We are pleased that Ms. Grażyna Kulczyk selected Dentons and our team to act as her legal counsel on this landmark transaction,” said Paweł Dębowski, Chairman of the European Real Estate Group. “This was a fascinating project, requiring in-depth legal and local market knowledge on both the seller and vendor side. We are delighted that this successful completion has enabled Ms. Kulczyk to focus on fresh business initiatives,” he added.
The annual number of visitors to Stary Browar has nearly topped 10 million. There are 220 shops, restaurants, bars, cafés, cinema auditoria, music clubs, offices, a medical centre and the Art Stations gallery and the office of the “Art Stations Foundation by Grażyna Kulczyk”. The complex also contains a sculpture park and a 5-star hotel. The property consists of 47,000 sqm of commercial premises, 4,750 sqm of office premises, 7,000 sqm of event, exhibition and warehouse premises and a parking lot. At present the largest tenants are H&M, Inditex Group and LPP group with its leading brands, as well as some Polish designers.