Greenbay Properties Ltd, a South African real-estate investment fund, has concluded an agreement with Tuš Real Estate to acquire the Planet Tuš shopping centre situated in Koper, Slovenia.
The acquisition agreement is subject to regulatory approvals and reflects an aggregate purchase price of approximately €56 million at an acquisition yield of 8 percent, to be settled from Greenbay’s existing cash resources.
The shopping centre, with a gross lettable area of 31,625 sqm, opened for trading in 2010.
Koper is a major port town in the coastal area of Slovenia and Planet Tuš has a catchment of 577,000 inhabitants reaching from Trieste in northern Italy to Pula in Croatia. Koper benefits from well-developed infrastructure, a large and active commercial port and is a popular tourist destination.
Planet Tuš has the highest footfall in the region with an annual footfall of over 3.5 million. It is located close to the Koper city centre with excellent public transport connectivity.
Planet Tuš is tenanted by various retailers including: Tuš, Cineplexx, Zara, C&A, H&M, Berschka, CCC, New Yorker, Hervis, Deichmann and Takko. Management believes that the tenant profile can be further strengthened which will enhance the mall’s dominance and enable it to grow its income into the future.
Greenbay has its primary listing on the Stock Exchange of Mauritius and a secondary listing on the Alternative Exchange of the Johannesburg Stock Exchange.