Griffin Real Estate pulls off major deal in Wroclaw

Griffin Real Estate has acquired Renoma Shopping Centre in the western Polish city of Wroclaw. The investment volume of almost EUR 120 mln makes the deal one of the larger single-asset commercial property transactions in Poland during 2012.

Griffin, an investment manager active in most of Central and Eastern Europe, was acting on behalf of a fund it manages.

The vendor was retail developer Centrum Development & Investments (CDI).

Colliers International advised Griffin in the transaction.

CDI will continue to manage the property.

The 41,000 m² Class A, mixed-use property is located in Wroclaw's city centre. It comprises a 31,000 m² gross lettable area shopping centre on four levels comprising 140 retail units and a 10,000 m² Class A office component as well as a 600-space parking garage.

Retail tenants include Zara, Massimo Dutti, TK Maxx, Empik, Guess, Mexx, Almi Decor as well as an Alma Delicatessen and a Pure Health & Fitness gym. The office areas are fully leased to global computer giant Hewlett Packard.

Renoma reopened in 2006 after being substantially redeveloped by CDI from 2002-2006. The shopping centre originally opened in 1930 as the Wertheim Department Store which was designed by renowned German architect Hermann Dernburg.

Earlier this year, Griffin acquired the Hala Kozyki development project situated in Warsaw's city centre from Avestus Capital Partners. Upon completion, which is anticipated in 2015, Hala Koszyki will comprise a 17,000 m² GLA retail shopping centre situated within the redeveloped confines of the historic Koszyki Market Hall, which dates back to 1909, together with 10,000 m² of office space to be built in three Class A buildings.