Focus Estate Fund has acquired the second in this year’s shopping center in Poland
Published Date : 31/07/2018
Focus Estate Fund has closed the transaction on the acquisition of the Galeria Awangarda shopping center in Bartoszyce (Poland). The total area of the center (GBA) is 7,515 sq.m, the leased (GLA) is 6,126 sq.m.
Galeria was opened in April 2016 and represents a new high-quality building in a dynamically developing city in the northern region of Poland. At the time of the transaction, the vacancy rate of the shopping center was about 3%. The stores Biedronka, Jysk, KIK, Deichmann, ABRA are among its anchor tenants.
Transaction broker of the deal was KYHOS Real Estate s.r.o, legal support was provided by Czabański Gałuszyński i Partnerzy, the international investment management company JLL became the property manager of the facility.
“We continue to maintain our strategy of diversifying the investment portfolio, acquiring properties not only in different geographical parts of Poland and the Czech Republic, but also supplementing the format of retail parks with small shopping centers (known as convenience shopping centers) with good location and additional traffic factors”, – said Maxim Shkolnick, Partner at Focus Estate Fund.
“We congratulate Focus Estate Fund with this new acquisition and look forward to take on the management of Galeria Awangarda into our retail portfolio. Galeria Awangarda has an excellent location and the right anchors for convenient shopping”, – said Virginie de Baere, Head of Property and Asset Management, JLL.
With this investment, Focus Estate Fund has increased its portfolio in the retail sector of the medium-sized format in Poland and the Czech Republic to five properties with a total lease area of more than 34 thousand square meters.
As we have already previously informed the Fund has acquired Park Handlowy Eden (Galeria Eden) located in Zgorzelec (Poland) and it is planned to invest more than 1.5 mln Euro into its reconstruction”.
About Focus Estate Fund
Real estate investment fund focusing on non-prime retail properties in Central and Eastern Europe. The Fund’s strategy is to invest in the existing mid-scale commercial properties in the most dynamic European markets. The Fund plans to build a 50 mln euro asset portfolio during the next 2-3 years.