GE Real Estate Central & Eastern Europe said it has bought the 24.8% stake it did not already own in the Polish retail joint venture Green Holdings for EUR 80 mln. GE is buying out its partner, fund manager Heitman, ahead of the imminent expiry of the Heitman Central European Property Partners fund 1. The two companies had set up the venture in 2003 to facilitate the acquisition of 12 Polish retail galleries from French retailer Group Casino.

GE Real Estate Central & Eastern Europe said it has bought the 24.8% stake it did not already own in the Polish retail joint venture Green Holdings for EUR 80 mln. GE is buying out its partner, fund manager Heitman, ahead of the imminent expiry of the Heitman Central European Property Partners fund 1. The two companies had set up the venture in 2003 to facilitate the acquisition of 12 Polish retail galleries from French retailer Group Casino.

GE Real Estate will take over portfolio management services of Green Holdings’ assets, which it now fully owns. Following the disposal of five retail galleries in 2006, these assets now comprise seven retail galleries and attached hypermarkets. GE Real Estate said the transaction confirms its commitment to Poland’s retail market, where it acquired an additional 14 hypermarkets from Groupe Casino in 2006 for an investment of EUR 555 mln.

Karim Habra, managing director of GE Real Estate Central & Eastern Europe, said in a statement that the partnership with Heitman ‘has delivered strong returns from good quality assets, which are positioned well to benefit from further active asset management. In deploying our in-house portfolio management skills, we have the opportunity to unlock further value from the assets and build on our proven track record of delivering value in the Polish market.’

Dealings between GE Real Estate and Heitman do not end with this transaction. In October, GE Real Estate entered the Russian property sector through a $50 mln (EUR 35 mln ) investment in a new fund managed by Heitman called Heitman Russia Property Partners.