Orco Property Group's Endurance Fund have acquired Galeria Orkana in the Polish city of Lublin for about EUR 26.5 mln. The shopping centre was purchased from Warsaw-based Keen Property Partners by the Office sub-fund of the Endurance Fund.
Orco Property Group's Endurance Fund have acquired Galeria Orkana in the Polish city of Lublin for about EUR 26.5 mln. The shopping centre was purchased from Warsaw-based Keen Property Partners by the Office sub-fund of the Endurance Fund.
The 8,000 m2 shopping centre is located within the western residential suburbs of Lublin. The centre is part of a strong retail destination within the city with neighbouring occupiers including Tesco and OBI. Orco said national and international tenant base will remain, with conversion and utilisation of further accommodation being planned due to continuing high tenant demand.
'We are delighted to acquire the first retail property in Poland for the Endurance Fund. After the acquisitions of successful office buildings in the centre of Warsaw this is yet another project notably expanding and diversifying the Endurance Fund portfolio,' says Stuart Jordan, regional investment manager Orco Property Group.
Orco Property Group is a major investor, developer and asset manager in the Central European real estate and hospitality market. The group is listed on Euronext, Prague, Warsaw and Budapest Stock Exchanges, managing assets of approximately EUR 2.5 bn, as estimated at end-June 2007.
