The European Shopping Centre Fund (ESCF), managed by CBRE Global Investors, has acquired a shopping centre in the central Polish city of Plock at a yield of 7.9%.

The European Shopping Centre Fund (ESCF), managed by CBRE Global Investors, has acquired a shopping centre in the central Polish city of Plock at a yield of 7.9%.

Galeria Mazovia was the ESCF's sixth acquisition overall and the first for the fund in Central and Eastern Europe. The fund now has over €500 mln of assets under management.

The shopping centre was sold by a private investor and the price was not disclosed.

The 28,485 m2 retail centre, located on a major arterial route within Plock, was built in 2010. The modern scheme comprises two floors of retail which is 99% occupied. Some 50% is occupied by international retailers including H&M, Zara, Bershka, Media Markt, Deichmann and New Yorker. There is also underground parking for 670 cars.

Florencio Beccar, fund manager of ESCF: ´Our acquisition of Mazovia means we have acquired a core, low risk and well occupied centre at an attractive yield. It is a great fit for the fund’s portfolio – not only does it assist with our diversification requirements, it means we have also obtained exposure to Poland, one of the strongest markets in terms of GDP growth expectations in Europe.´

Martin Sabelko, head of CBRE Global Investors CEE added: 'Poland has proved to be a very resilient market during the recent economic downturn as it never went into recession. It continues to have sound economic fundamentals and prospects for GDP growth making this acquisition a solid asset for ESCF to have in their portfolio.'

Cushman & Wakefield and Crido Legal law firm represented the seller in the transaction. Piotr Kaszyñski, partner, head of Capital Markets, Cushman & Wakefield in Poland, said, 'The acquisition of Galeria Mazovia indicates growing investment activities in the retail sector in medium size cities. The property is a prime product being a well-established and dominant shopping centre in one of the most affluent cities in Poland.'