Rockcastle Global Real Estate, the London-based real estate investment manager, has acquired three shopping centers in Poland for €522 million. The trio of assets are located in regional cities across Poland and offer a total of more than 1.4 million square feet of retail space.
The largest of the acquisitions is the 990,000 square foot Bonarka City Center in Krakow, which was purchased for €361 million. According to Rockcastle, the mall is 94 percent leased and turned over around €168 million last year. The seller was Amsterdam-based Trios Dutch Holdings, which is owned by San Francisco-based real estate investment firm TPG Real Estate.
The other two assets have been sold from a portfolio belonging to UK insurer Aviva Investors. Focus Park, in the western Polish city of Zielona Gora, comprises 280,000 square feet and was acquired by Rockcastle for €112 million. The third asset, the 380,000 square foot Focus Mall is located about 50 kilometers south of the capital Warsaw and cost €49 million. Both malls have occupancy rates above 90 percent.
Spiro Noussis, Rockcastle’s chief executive officer, said that although the firm’s main focus was on Poland, it was examining other markets in Eastern Europe. “Poland is now our base. We are finding opportunities in Hungary and the Czech Republic too, but our largest assets will be shopping centres in Poland,” he said.
Earlier this year, Rockcastle bought three other Polish malls when it acquired the Karolinka, Platan and Pogoria shopping centres for a combined price of €270 million in January. Following the most recent trio of deals, Rockcastle now owns seven shopping centres in Poland, one in the Czech Republic and one in Zambia, taking the company’s retail portfolio past 4.2 million square feet.
Rockcastle, which also has offices in Mauritius and Poland, was advised on the deal by Savills.