Invesco has signed a final purchase agreement for the acquisition of Galeria Kazimierz in Krakow.
Globe Trade Center SA, the developer and current owner sold Galeria Kazimierz. CBRE has represented the buyer in this transaction.
Galeria Kazimierz is a 38,300 sqm modern shopping centre constructed on two levels and divided into 140 units and 10 screen multiplex as well as multi-media, sports and household anchor stores. It was opened in 2005. The centre benefits from the attractive location and easy access. Cinema City, Alma, Empik, Zara and H&M are the prestigious tenants of the scheme.
“It is undoubtedly one of the highest profile retail transactions of 2013 and proves that retail has remained high on investors’ wish lists,” said Mike Atwell, Head of CEE Capital Markets at CBRE, the world’s largest real estate advisory firm.
Faced with the persistent weakness in the commercial real estate market, Deutsche Pfandbriefbank AG (“pbb”) has significantly increased its risk provisioning. The risk provision result for the first nine...