Atrium European Real Estate has completed the acquisition of the 32,900 m2 Galeria Dominikañska shopping centre in Wroclaw, Poland, for a total of €152 mln.
Atrium European Real Estate has completed the acquisition of the 32,900 m2 Galeria Dominikañska shopping centre in Wroclaw, Poland, for a total of €152 mln.
The purchase was first announced by Atrium in June.
The Jersey-based shopping centre developer and owner acquired Galeria Dominikañska from a joint venture comprising the Otto Family and Deutsche EuroShop. ECE will continue to manage the mall, working closely alongside Atrium’s in-house team of retail experts.
As a result of the acquisition, Atrium’s portfolio of shopping centres in Poland now accounts for 50.4% of the group’s total income-producing portfolio by market value, up from 47.0% previously.
In addition, Atrium’s exposure to markets in the region with an investment grade rating of A- and above now stands at 75.1%, up from 73.4% as at 30 June 2013.
Commenting on the acquisition, Rachel Lavine, CEO of Atrium, said: 'Galeria Dominikañska is a very good example of the type of assets we want to purchase and the completion of this acquisition strengthens our portfolio through the addition of a prime, fully let shopping centre which is well-located within a tier one city in our region.'
Dentons' real estate team advised Atrium European Real Estate. Jones Lang LaSalle was the selling agent on behalf of the previous owners.
