Valad Europe, a diversified real estate investment manager, has completed the sale of the Krokus Shopping Centre in Krakow from the Valad Polish Retail Fund (VPRF).
Krokus Shopping Centre opened in 1997 and was the first shopping centre in Krakow. It has a floor space of 28,000 sqm, including 55 shops and boutiques and a parking area with 1,100 spaces. The Krokus Centre, together with the nearby Aqua Park, Toys’R’Us store, Multikino stand-alone cinema unit, Obi DIY and Norauto car centre, is considered to be among the most attractive commercial areas in Krakow. Krokus Shopping Centre has twice been awarded a level of “Very Good” by the BREEAM In-Use certificate.
Karol Pilniewicz, Valad Europe’s Head of Central Europe, said: “The sale of Krokus Shopping Centre follows the completion of several asset management activities, including a long-term lease to Auchan, which was part of the largest retail letting in Poland last year.”
VPRF is a closed ended fund comprising five first generation shopping centres and three hypermarkets, totalling 250,000 sqm, located in seven of Poland’s key cities including Warsaw and Wroclaw.
Valad Europe manages €4.7 billion of real estate assets and investment capacity across its 24 funds and mandates in Europe. With a team of 30 in Central Europe, Valad manages around €830 million of assets comprising 700 tenants, occupying 960,000 sqm of space across Poland, Czech Republic, Hungary and Romania.