Futureal Investment Partners, a European real estate investment and asset management business that focuses on value-add and opportunistic investments, has completed its first acquisition, the Manhattan shopping centre in Gdansk.
The Manhattan Shopping Center is a 25,570 sqm centre that opened in 2004 at Aleja Grunwaldzka 82 in the Wrzeszcz area of Gdansk. It has 120 shops and 360 parking spaces, anchored by the Eurospar supermarket, Sinsay, Rossmann and Propco.
Futureal Investment Partners, which was launched last week by Futureal, the leading Central European real estate developer, will manage the asset to maximise its exit value. The asset management will be done in-house by Katarzyna Socha, Senior Asset Manager at Futureal Investment Partners.
Karol Pilniewicz, who heads Futureal Investment Partners, said: “Manhattan shopping centre is very well located in Gdansk but needs repositioning with the co-operation of the tenants and our partners. This is in line with our strategy of generating above-average returns from value-add and opportunistic situations”.
Futureal Investment Partners was advised by Dentons, Deloitte, JLL and Avison Young.
Futureal Investment Partners plans to become a significant investment and asset manager, by co-investing with prominent institutional and high-net-worth investors in the office, logistics and retail sectors, both in Central and Western Europe. The strategies will include development, refurbishment and repositioning projects.