NEPI Rockcastle has acquired the Forum Gdańsk Shopping Centre in Poland from Blackstone for €250m.

The Central and Eastern European shopping centre manager said it has bought the 63,500sqm asset in Gdańsk in northern Poland from Multi Veste 339 BV, an entity owned by Blackstone-managed funds.

The Forum Gdańsk shopping centre, which opened in 2018, covers a six-hectare canal side location on the inner-city ring road and between the city’s two main railway stations.

The acquisition, which represents one of the biggest single-asset shopping centre transactions in Europe and the largest in CEE in 2022, has been funded with NEPI’s existing cash resources and credit facilities.

The latest deal follows NEPI’s recent announcement to buy Copernicus Shopping Centre in Toruń, north-central Poland, for €127m.

Rüdiger Dany, NEPI Rockcastle’s CEO, said: “Forum Gdańsk represents a compelling investment opportunity. We strongly believe in retail real estate and its positive outlook, despite concerns over the macroeconomic context and potential slowdown as a result of rising inflation and interest rates.

“We are long-term investors and are confident that fundamentally Central and Eastern Europe is a region that will continue to outperform economically relative to Western Europe in the future.”

Dany said the Copernicus Shopping Centre and the Forum Gdańsk acquisitions ”seal a very strong year for the group, in which NEPI Rockcastle delivered on its growth strategy”.

Dany said: “The development pipeline of €665m will provide organic expansion and acquisitions such as Forum Gdansk and Copernicus will enhance earnings, positioning the company to take centre stage in the European retail property markets in the future.” 

To read the latest edition of the latest IPE Real Assets magazine click here.