Rockcastle finalises acquisition of further retail portfolio in Poland – EuropaProperty

Rockcastle Global Real Estate has acquired a retail portfolio totalling 62,000 sqm from Aviva Investors, worth €160 million. Cushman & Wakefield, Hogan Lovells, Arcadis and PwC represented the purchaser, JLL, Dentons and Deloitte advised the seller in the transaction.

The portfolio comprises two shopping centres: Focus Mall Zielona Góra and Focus Mall Piotrków Trybunalski. Providing respectively 26,800 sqm and 35,200 sqm, they are the largest shopping galleries in Zielona Góra and Piotrków Trybunalski. Both schemes feature global and domestic brands. The key tenants include H&M, LPP Group, Inditex Group, Media Markt, Rossmann and cinemas (Cinema City and Helios, respectively). The shopping centres were completed in 2008 and 2009 by Parkridge Retail Poland, and acquired by Aviva Investors in 2012. They enjoy a strong market position and are well-recognised within their catchment.

Spiro Noussis, CEO, Rockcastle Global Real Estate, said: “This acquisition is perfectly in line with Rockcastle’s growth strategy. Both retail properties provide steady and secure income streams. Thanks to an excellent central location and active property management they have potential for further growth.”

Paweł Partyka, Associate, Capital Markets, Cushman & Wakefield, said: “We are delighted to have represented Rockcastle in this acquisition of retail properties in Poland, which reflects the attractiveness of regional cities for foreign investment funds.”

Agata Sekuła, Head of Retail Investment CEE, JLL, commented: “This transaction concluded between Aviva Investors and Rockcastle further illustrates the continued retail investor activity in Poland. The volume of retail investment transactions finalized this year amounts to €1.675 billion. Funds are looking for attractive investment products not only in major agglomerations but further afield as well.”