Blackstone has added another shopping centre to its Polish retail real estate fund, King's Street Retail. The US private equity firm announced the acquisition in late December of Wzorcownia, the W³oc³awek shopping mall opened in 2009.
Blackstone has added another shopping centre to its Polish retail real estate fund, King's Street Retail. The US private equity firm announced the acquisition in late December of Wzorcownia, the W³oc³awek shopping mall opened in 2009.
The financial details of the transaction were not disclosed.
Blackstone acquired the asset from Polish investor and developer Budizol Property. Wzorcownia comprises a gross lettable area of 25,500 m2 and 400 parking spaces. The mix of renowned Polish and international retail brands present at Wzorcownia includes H&M, RESERVED, C&A, New Yorker, SMYK, Nike, Adidas, CCC, Sephora and Rossmann.
The management of Wzorcownia W³oc³awek has been taken over by Master Management Group, a retail space manager and developer in Poland. Master management is also in charge of the remaining malls in King's Street Retail portfolio.
The King's Street portfolio, including Wzorcownia, has a combined gross lettable area of 190,000 m2. The other shopping centres owned by the fund are Magnolia Park in Wroclaw, Galeria Twierdza in K³odzko, Galeria Twierdza in Zamoœæ, and Galeria Pestka in Poznan.
Galeria Têcza in Kalisz will also be acquired soon.
Blackstone is a leading player in private equity real estate investment. Over the last 20 years The firm's real estate businesses have made over 300 separate real estate investments of $28 bn (EUR 21 bn).
