JLL advised Aberdeen Asset Management in the sale process of the first-generation shopping centre in Zagreb, King Cross.
Located in the municipality of Jankomir, which is the first major commercial zone in Zagreb known for its retail and business facilities, King Cross is one of the most attractive shopping destinations in Zagreb. Recognizing that the first Decathlon in Croatia is open in King Cross, the Center provides customers with other international retailers such as InterSpar, Harvey Norman, Jysk and many others.
The new owner, SES is a company specializing in the provision of all kinds of services related to retail facilities at the international level, whether it’s development, construction, lease, management or marketing for investors. The SES Group currently owns more than 30 sites with more than 80 specialists in the field of development, architecture, building management, leasing and management of malls and facilities throughout central and southeastern Europe.
Uroš Grujić – JLL Head of Capital Markets for South East Europe, commented: ”Croatia has once again proved to be a very attractive destination for international investors, which is confirmed by this transaction. Although the shopping centre itself is one of the first modern-built buildings in Zagreb, this is proof that the appetite is still high for retail facilities in the region with predictions that the same level of demand will remain in the future. Due to the improved economic situation, increased purchasing power, and EU status, Croatia along with Slovenia, Bulgaria and Serbia remains the most interesting destination in Southeast Europe for investors focusing on commercial real estate.”
Andrew Peirson – JLL Managing Director for South East Europe, added: ”The King Cross deal reflects the fact that Croatia is still very much a retail focused market. Since 2007, over 80 percent of non-tourist-related investment deals have been retail transactions, and this reflects both the quality of retail assets on offer in Croatia and also investors continued appetite for retail assets in the country. We are sure that SES will help further transform King Cross given their excellent pedigree owning and developing retail assets across Slovenia, Austria, Italy, Hungary and Czech Republic.”
After another in a series of successful transactions specifically King Cross, JLL remains the leading advisor in the region of Southeast Europe with the value of transactions surpassing €900 million in the past 30 months with the aim to exceed one billion Euros worth of transactions by the end of the year.
