Listed retail specialist Atrium European Real Estate has acquired the Focus Mall shopping centre in Poland from Aviva Investors for €122 mln.
Listed retail specialist Atrium European Real Estate has acquired the Focus Mall shopping centre in Poland from Aviva Investors for €122 mln.
The purchase will be financed from existing cash resources and is subject to approval by the Polish competition authorities.
The deal is in line with Atrium’s strategy to become the dominant retail player in Poland, the Czech Republic and Slovakia, and means that Poland now accounts for over 55% of Atrium’s activities by market value.
Focus Mall was originally developed in 2008 and is the dominant shopping centre in the northern Polish city of Bydgoszcz which has around 360,000 inhabitants. It comprises 41,000 m2 across two storeys, currently 96.1% let to a number of anchor tenants including a 2,800 m2 Alma supermarket, a Saturn electronics store and a Cinema City as well as a number of fashion brands.
Atrium European Real Estate is an affiliate of Israel-based Gazit and has a dual listing on the Vienna and Euronext Amsterdam stock exchanges. At end-June, it owned 153 and other retail properties across seven CEE countries with a total value of €2.5 bn.
Dentons’ real estate team advised Atrium European Real Estate. Transaction leader, Tomasz Stasiak at Dentons, said: 'Last year we represented Atrium on the acquisition of another shopping center—Galeria Dominikañska in Wroc³aw—from JV partners, a private investor, and Deutsche EuroShop for €152 million. We are happy to have once again supported the client in building its portfolio and strengthening its position on the retail market across the CEE region.'
