Dentons’ real estate team assisted Atrium European Real Estate, a leading owner, operator and developer of shopping centers in Central and Eastern Europe, in fulfilling the last condition necessary to acquire the Focus Mall shopping center in Poland from Aviva Investors for €122 million. Following the signing of the purchase agreement in early October, Dentons lawyers secured approval from the Polish Office of Competition and Consumer Protection in less than eight weeks, allowing Atrium to complete the project this year.
Focus Mall is currently the largest shopping center in Bydgoszcz, one of the ten largest cities in Poland. Constructed in 2008 it comprises 41,000 sqm of retail space on two floors. It is nearly 100 percent let to anchor tenants, including a Saturn electronics store and Cinema City, as well other high profile international and domestic retail fashion brands.
The acquisition is financed using Atrium’s existing cash resources. Atrium owns a €2.5 billion portfolio of 151 primarily food-anchored retail properties and shopping centers located predominantly in Poland, the Czech Republic, Slovakia and Russia (reported as of 30 September).