Meyer Bergman and Neinver team up in Katowice

Meyer Bergman, the European real estate investment management firm, has entered into a joint venture agreement with Neinver, a pan-European retail developer, to undertake a EUR 200 mln retail-led mixed-use development at Katowice railway station in Poland. The project forms a crucial part of the city's preparations for the UEFA Euro 2012 football tournament in Poland and Ukraine.

Neinver and Meyer Bergman hold a majority stake in the project, with a minority share being held by Polskie Koleje Pañstwowe, the Polish National Railway company. The joint venture is structured as an equal partnership, achieving aligned interests of both parties. Development and investment financing has been secured through Pekao Bank.

International law firm Salans advised Meyer Bergman on the joint venture. Salans Partner Chris Berlew and Counsel Monika Sitowicz led the Salans transaction team, overseen by Eric Rosedale, Co-Chairman of the firm’s Global Real Estate Group. 'This was perhaps the largest and most sophisticated real estate transaction in the Polish market this year,' noted Rosedale. 'The Polish real estate market is the most dynamic in CEE, and we can expect to see more investments of this magnitude in the coming year.'

Centred around the city’s main square, the three phase project comprises the redevelopment and renovation of the Katowice railway station and bus terminus, to be completed in Q2 2012, the development of a modern new shopping center, comprising 220 units over 47,500 m² GLA, to be completed in Q2 2013, as well as 18,000 m² of mixed use space. The scheme will also provide up to 1,200 city centre underground car parking spaces.

Katowice, the main commercial centre of the Silesia region in southern Poland, provides a strong catchment area for the shopping centre, with approximately 330,000 inhabitants within a 10-minute drive and in excess of 2.3 million people within a 30-minute drive time.

Upon completion, the scheme will become a dominant shopping provision for Katowice, an area that is not only undersupplied in terms of retail, with only one existing shopping centres, but that also has a strong local economy with a higher affluence level when compared to the national Polish average.

Commenting on the acquisition, Markus Meijer, CEO of Meyer Bergman, said: 'This transaction provides us with a unique opportunity to enter into a true joint venture with a well renowned developer and to make our debut investment into Poland, a country which has demonstrated strong economic indicators despite the challenges elsewhere in Europe.'