Chicago-based private equity firm Heitman has acquired a 75% stake in the Galeria Malta shopping centre and formed a joint venture with Spanish developer Neinver for the management of the 54,000-m[sup]2[/sup] retail scheme in Poznan, Poland's second largest city. Financial details were not disclosed.

Chicago-based private equity firm Heitman has acquired a 75% stake in the Galeria Malta shopping centre and formed a joint venture with Spanish developer Neinver for the management of the 54,000-m2 retail scheme in Poznan, Poland's second largest city. Financial details were not disclosed.

The operation represents the first partnership between Heitman and Neinver and is the latest joint venture created by Neinver in Poland since the signing of a development agreement with Meyer Bergman in Katowice earlier this month.

Heitman, which is participating in the investment through its European Property Partners IV (HEPP IV), will own 75% of the centre while Neinver is retaining the remaining 25% and the management of the development, which is currently 97%-leased. The project was completed in March 2009.

With EUR 505 mln in equity commitments, HEPP IV is the fourth and latest in a series of European value-added property investment funds managed by Heitman, which has been active in the region since 1995.

'Active across Poland for 15 years, Heitman is widely acknowledged for its expertise in recognizing value across the region,' said Otis Spencer, managing director and head of Portfolio Management at the firm's European private real estate equity group.

Neinver presently manages 350,000 m2 of retail gross leasable space and has been investing in the Polish market for eight years.