White Star Real Estate will continue providing property management, leasing and marketing services to Galeria Słoneczna, the shopping centre located in Radom in Poland, following the sale of the mall to ČS nemovitostní fond, the biggest Czech real estate mutual fund managed by REICO České spořitelny, a.s.
White Star Real Estate (formerly AIG/Lincoln) has been managing Galeria Słoneczna since its opening in April 2011. The company will continue to provide a wide range of property management, technical, leasing and marketing services to the new owner of the Radom shopping centre.
Regarding the transaction and White Star Real Estate’s continued engagement, Mirosław Szydelski, Country Partner for Poland said: “We are delighted that REICO valued our experience in the management of the property and allowed the existing management team to continue the efforts to effectively take care of the successful operations of the mall. We’ve put together a dedicated team and I am sure White Star Real Estate management’s regional presence and local management know-how will ensure the delivery of consistent and high-quality asset care.”
Galeria Słoneczna is a two-storey shopping centre with 164 retail units, which includes underground as well as above-ground parking. The total leasable area of the property is approximately 40,900 square meters and the largest tenants include international and Polish brands, such as Zara, Reserved, H&M, TK Maxx, Intersport, Martes Sport, EMPIK, CCC, French supermarket Carrefour, Multikino multiplex cinema and electronics and white goods chain EURO RTV AGD. White Star Real Estate has over 100 commercial properties under management throughout Central and Eastern Europe, representing over 2.4 million sqm, with 35 properties under management in Poland.
The new owner of Galeria Słoneczna – ČS nemovitostní fond – was established in 2007 and is the largest and longest-operating real estate mutual fund on the Czech market. It is designed primarily for conservative investors, and it aims to achieve a long-term yield above the level of government bonds. The fund holds six properties in Prague, three in Bratislava, and one each in Brno, České Budějovice, Warsaw and now Radom.
“Galeria Sloneczna is a centrally located dominant shopping centre with a catchment area of nearly 700,000 inhabitants. Given its tenant mix consisting of various entertainment, food and fashion concepts, the centre can effectively retain its dominant position long term and react to newest trends of internet retail,” commented Tomáš Jandík, Chief Investment Officer of REICO IS ČS.