Focus Estate Fund has closed the transaction on the acquisition of the Galeria Awangarda shopping centre in Bartoszyce (Poland). The centre has a GLA of 6,126 sqm.
Galeria Awangarda was opened in April 2016. At the time of the transaction, the vacancy rate of the shopping centre was about 3 percent. The stores Biedronka, Jysk, KIK, Deichmann, ABRA are among its anchor tenants.
The transaction broker of the deal was KYHOS Real Estate s.r.o, legal support was provided by Czabański Gałuszyński i Partnerzy. JLL became the property manager of the facility.
“We continue to maintain our strategy of diversifying the investment portfolio, acquiring properties not only in different geographical parts of Poland and the Czech Republic, but also supplementing the format of retail parks with small shopping centres (known as convenience shopping centers) with good location and additional traffic factors,” said Maxim Shkolnick, Partner at Focus Estate Fund.
With this investment, Focus Estate Fund has increased its portfolio in the retail sector of the medium-sized format in Poland and the Czech Republic to five properties with a total lease area of more than 34,000 sqm.
The Fund has previously acquired Park Handlowy Eden (Galeria Eden) located in Zgorzelec and it plans to invest more than €1.5 million in its reconstruction.
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