Deutsche Asset Management (Deutsche AM), the property arm of Deutsche Bank, has acquired a portfolio of Fashion House assets in Poland from a fund managed by Peakside Capital for an undisclosed sum.
The portfolio, which consists of three shopping outlets located in Warsaw, Gdansk and Sosnowiec, comprises over 50,000 m2 of retail space with more than 210 different tenants. The deal was made on behalf of Deutsche AM's German funds.
'Our investment in the Fashion House portfolio outlets complements the traditional retail centres, while providing defensive investment exposure to the evolving retail sector,' said Georg Allendorf, head of Real Estate Europe at Deutsche AM.
Deutsche AM has appointed PRÔM as the centre and asset manager. PRÔM is a joint venture of Peakside Capital and ROS Retail Outlet Shopping.
'This transaction allows Peakside to liquidate the 2007 vintage Polonia Property Fund II Ltd, generating attractive returns for our investors,' commented Stefan Aumann, partner, Peakside Capital. 'The assets still possess significant value creation potential and we are delighted to remain involved through our joint venture, PRÔM, supporting business continuity.'
Mostly built in 2005, the outlets feature significant car parking facilities and prominent, accessible locations.
PRÔM will assume full responsibility for centre management from the end of June, following an interim period.
Deutsche Asset Management’s global real estate business currently holds €51.0 bn in assets under management as of March 31, 2017.
The acquisition of the Fashion House Portfolio brings total assets under management in Poland to €1.65 bn.
Cushman & Wakefield represented the buyer.
