A consortium led by French listed firm Foncière Euris is understood to have put the Riviera mall in the Polish city of Gdynia up for sale in what is expected to be one of the largest transactions in the Polish retail property market this year.
A consortium led by French listed firm Foncière Euris is understood to have put the Riviera mall in the Polish city of Gdynia up for sale in what is expected to be one of the largest transactions in the Polish retail property market this year.
The 70,000 m2 mall is located close to the city centre of Gdynia. It comprises 250 shops, including an Auchan hypermarket as well as a 1,200-seat cinema and 1,750 parking spaces.
Foncière Euris owns 67,5% of the scheme while Rallye holds 22,5% and Casino the remaining 10%.
Developed by Mayland Real Estate with finance of €137 mln provided by Polish Bank Pekao and Bank Zachodni, the scheme has been revamped and extended before reopening in October 2013. It is nearly fully let.
Foncière Euris has long been active in the Polish market where it already invested in Manufaktura in Lódz and Posnania in Poznañ. Manufaktura was sold in October 2012 to Union Investment Real Estate for €390 mln.
Posnania represents the largest retail project currently under way in Poland. The mall, representing an investment of €300 mln, covers 100,000 m2 over 300 shops, and is slated for delivery in the second half of 2016.
Foncière Euris has also recently acquired Kraków’s Serenada shopping centre project for an investment of €140 mln. The 43,000 m2 mall, developed by Mayland, was financed by banks Unicredit’s Pekao and Santander and is slated for delivery in September 2016.