Stage Capital, a European secondaries’ investor, acquired a portfolio of shopping centres in Poland from Pradera Central European Fund. The acquisition was on behalf of Stage Capital Laurel II, Stage Capital’s second fund, and backed from funds managed by Glendower Capital.
The assets are based in the Polish cities of Łódź (Pasaż Łódzki Shopping Centre), Konin (Galeria Nad Jeziorem Shopping Centre) and Gdańsk (Osowa Shopping Centre), and total c.75,000 sqm.
“We are pleased to have acquired three well-performing assets at attractive yields in a sector and region where we have much experience. In line with our overall strategy, we have provided a liquidity solution in a very complicated transaction and in a challenging sector. We continue to see a lot of potential in Poland and CEE, and are currently assessing further opportunities”, said James Huckle, Partner of Stage Capital.
Stage Capital Laurel II is Stage Capital’s second fund, with the portfolio of shopping centres serving as the first asset. Stage Capital is seeking to make further acquisitions in the secondary real estate sector.
“We have made great progress on our first fund, which is well on track to deliver top decile returns. We are therefore delighted to follow up this success with a new deal, which plays to our strengths in completing complex portfolio acquisitions in sectors where we have experience and networks. We have a strong pipeline of new opportunities which we are actively evaluating to continue this progress”, commented Graham Thomas, Managing Partner of Stage Capital.
Stage Capital was advised by Dentons (legal), Sierra Balmain (commercial and technical) and EY (financial and tax). Pradera was advised by Greenberg Traurig (legal), with the transaction being run by JLL.
Savills Investment Management (Savills IM), the international real estate investment manager, transacted more than €3.6 billion globally in private real estate equity transactions in 2022 including c. €3.1 billion...