CBRE GI acquires major Polish inner-city mall

CBRE Global Investors has completed the acquisition of the Sfera shopping centre in Bielsko-Biala in the Silesia Region of Poland on behalf of a pan-European retail strategy.

Financial details were not disclosed. The deal was financed with a €96 mln loan from Helaba plus a VAT line in the amount of PLN 200 mln (€47 mln).

The centre, which was sold by developer Bielsko Business Center 3, consists of two main malls with 61,878 m2 of gross lettable space over 230 retail units, 2,427 m2 of offices, a 122-room hotel, and 2,068 parking spaces. It is an established city centre scheme with an occupancy rate of 97.2%.

Sfera is positioned in the centre of Bielsko-Biala, adjacent to the main railway station. It was built in two phases in 2001 and 2009.

'Sfera is a well-positioned and well-let dominant shopping centre in a growing market that has a population of low unemployment and high disposable income per capita,' commented Florencio Beccar, head of Retail EMEA, CBRE Global Investors.

The centre has enjoyed a good performance due to its location and catchment area, added Beccar. 'We believe with further asset management activities we can add value to an already well-performing asset.'

CBRE Global Investors was advised by Linklaters, Cushman & Wakefield and CBRE Building Consultancy.

CBRE Global Investors has €1.25 bn of assets under management in Poland, including six shopping centres comprising more than 239, 000 m2 of GLA.