Real estate investment fund Focus Estate Fund has acquired the Turawa Park shopping center in Opole, Poland from the international investment management group abrdn for an undisclosed sum.
Turawa Park with a total area of 35,138 m2 is a multi-format shopping center with more than 60 stores; it includes a gallery with an area of 18,031 m2, a retail park of 8,040 m2, a DIY-format store area of 9,067 m2 and 1,320 parking spaces. At the time of the acquisition, the vacancy rate was 29%.
Turawa Park's anchor tenants include Carrefour, Reserved, Sinsay, Media Expert, Action, Smyk. Other tenants include Rossmann, Big Star, C&A, Pepco, Levis, Sephora, Deichmann.
BNP Real Estate, which operates the shopping center, brokered the deal.
‘This is our fourth asset in Poland and we plan to continue scaling our portfolio in the Polish market where we have been present for more then five years. We see good prospects within the retail's value added segment that we operate in. In particular with focus on non prime retail parks and convenience shopping centers which have proved to be one of the most resilient classes during the pandemic,’ said Maxim Shkolnick, general partner of Focus Estate Fund.
The Focus Estate Fund's portfolio includes three more retail centres in Poland (in the cities of Sandomierz, Zgorzelec, Bartoszyce). The vehicle focuses on non-prime retail properties in Central and Eastern Europe.
