IRUS European Retail Property Fund, one of the largest private-capital pan-European retail property funds, has sold Wroclaw Futura Park to the global real estate investment manager, LaSalle Investment Management (“LaSalle”).
Futura Retail Park in Wroclaw, Poland’s second most affluent city, has a GLA of 20,200 sqm spread across 22 units, and boasts a total of 1,200 parking places. With a footfall over 1.5 million visitors, the retail park is located close to the airport and the city’s main ring-road, making it easily reachable by bus or car.
Futura Park, the single retail park within the IRUS portfolio, will continue to be managed by NEINVER, the industry-leading real estate company highly specialised in development, property and investment management.
Raised in 2007 by NEINVER, IRUS European Retail Property Fund (IRUS Fund) is a sector-specific fund focused on outlet centres. NEINVER is responsible for fund management, property acquisitions and disposals and asset management.
The Fund has a total committed equity of €480 million, fully subscribed by first class European institutional investors including a 20 percent equity participation from NEINVER. The Fund targets a global leverage ratio of 65 percent loan to value.
IRUS Fund portfolio comprises a total of 11 outlet schemes, located throughout Spain, Portugal, Germany, Italy and Poland with a total GLA of 265,695 sqm and an appraised value of €1,146,900,000.