Meyer Bergman lifts stake in major Polish mall

Meyer Bergman, the European retail real estate investment management firm, said on Wednesday that it has acquired an additional stake in Galeria Katowicka in southern Poland, and that it has completed the first phase of the development with the delivery of a new railway station at Katowice.

The acquisition from its joint venture partner, Neinver, marks the final commitment for Meyer Bergman’s first fund, Meyer Bergman European Retail Partners I, and increases its holding in the shopping centre to over 70%. Spanish outlet specialist Neinver will continue to be responsible for the development and remain involved with the management of the asset after opening.

Galeria Katowicka is a new EUR 200 mln retail-led mixed-use development at Katowice railway station in Poland. Centered on the city’s main square, the three-phase project is part of a major redevelopment and renovation of the station and bus terminus. Phase I concluded on 29 October with the delivery of the new, state of the art railway station. Phase II, the redevelopment of the bus terminus, is due to complete in the first quarter of 2013. The final phase, which comprises the delivery of a 250-store modern shopping centre with over 48,000 m² of gross lettable area, is expected to be completed in late 2013.

'The decision to increase our stake in Galeria Katowicka demonstrates our continued belief in the Polish market, whose economy has continued to outperform those of the Eurozone and the wider CEE region, along with the quality and potential of this asset in particular,' said Markus Meijer, Chief Executive and Founder of Meyer Bergman. 'We believe that the significant number of major international retailers we have secured in advance of the centre opening demonstrate its attractiveness as a retail destination.'