Real Estate Central Europe (RECE) Group has sold eight retail and service assets in Poland totalling more than 16,000 m2 to Dutch investor Arcona Property Fund.
The transaction, for which a price was not given, was brokered by Cushman & Wakefield.
'A portfolio of geographically diversified retail properties with a varied tenant mix is an attractive investment product for investment funds and a financial product that is readily accepted by banks,' commented Mira Kantor-Pikus, partner and director in Cushman & Wakefield Poland's capital markets team.
Norway's RECE Group builds and operates convenience shopping centres branded Skwer Handlowy, including anchor food retailers such as Piotr i Pawel, Biedronka and Tesco.
Following the disposal of the portfolio comprising eight assets in Gdansk, Glogów, Grudziadz, Inowroclaw (two schemes), Kalisz, Piotrków Trybunalski and Slupsk, RECE Group still owns retail schemes in Lódz, Torun and Bydgoszcz, which will also be sold to Arcona. The transaction is expected to conclude in the first quarter of 2017.
Arcona Property Fund is part of Arcona Capital, an independent real estate fund managing more than €380 mln of real estate assets across ten countries in Northern and Central Europe on behalf of both private and corporate clients.
