Tristan Capital Partners' Episo 3 fund has acquired a shopping centre portfolio in Poland from an Australian company that is exiting Europe.
Tristan Capital Partners' Episo 3 fund has acquired a shopping centre portfolio in Poland from an Australian company that is exiting Europe.
Opportunity fund Episo 3 is purchasing the five shopping centres from Charter Hall Retail REIT for €174.5 mln.
Four of the centres are located in different markets in southwest Poland, including the country’s second-largest city of Krakow. The fifth asset in the portfolio is the Turzyn centre in Szczecin, northwest Poland.
Daniel Harris, MD of investments at Tristan Capital, said: 'We like the relative strength of the Polish economy, and believe these are good retail assets that will be enhanced through further investment.'
The five centres are located in affluent and densely populated neighbourhoods in each of these large Polish cities and average occupancy level across the portfolio is 94%. All five centres are anchored by hypermarkets owned separately by Carrefour, although these are not part of the transaction.
The transaction is scheduled to complete by the end of the third quarter. It is the second in Poland for Tristan- advised funds since November, when it closed the €210 mln acquisition of the Warsaw Financial Center in a joint venture with Allianz.
Tristan Capital expects to announce the third close in the Episo 3 fund-raising in the coming weeks. It is targeting €750 mln to deploy on value add investments and distress opportunities arising from the shortage of debt and equity capital.
