Rockcastle Global Real Estate has completed the acquisition of two Polish shopping malls from investment manager BlackRock for a combined €220.8 mln.

Rockcastle Global Real Estate has completed the acquisition of two Polish shopping malls from investment manager BlackRock for a combined €220.8 mln.

The Silesian Retail Portfolio, with a total area of 106,700 m2, comprises Karolinka Shopping Centre in Opole and Pogoria Shopping Centre in Dabrowa Gornicza.

Both shopping centres count leading national and international brands among their tenants, including H&M, LPP Group, Decathlon and Leroy Merlin.

The properties were developed by Mayland Real Estate in 2008 and purchased by BlackRock the following year through its predecessor company MGPA.

Spiro Noussis, chief executive of Rockcastle, said: ‘We believe that they both offer substantial scope for growth and will be an important base for our retail portfolio expansion in the future. By the end of the 2015 calendar year we will own four shopping centres in Poland and have an additional two shopping centres under construction.’

Rockcastle, listed on the Johannesburg and Mauritius stock exchanges, has earmarked €750 mln in equity towards its direct property strategy, which comprises three existing retail assets and two retail developments in Poland.

BlackRock was advised in the transaction by Cushman & Wakefield, JLL, law firm Dentons and Mayland Real Estate.