Rockspring Property Investment Managers has acquired Ferio Shopping Centre in Konin, Poland from Raiffeisen Evolution for EUR 47 mln on behalf of its TransEuropean Property Limited Partnership IV.
Rockspring Property Investment Managers has acquired Ferio Shopping Centre in Konin, Poland from Raiffeisen Evolution for EUR 47 mln on behalf of its TransEuropean Property Limited Partnership IV.
The retail park, which opened in 2008, is the largest in the region and covers 30,000 m2 of GLA. It comprises a single level shopping gallery, a stand-alone DIY store, let to Castorama, and a separate retail warehouse let to a range of international brands including Jysk and MediaMarket. The main shopping area centre has a broad mix of leading international and local retailers, with over 60 stores including H&M, New Yorker, Reserved, Empik and Bomi, as well as a number of restaurants.
The acquisition is one of the final investments for TransEuropean IV, the fourth in the TransEuropean series, which enables investors to participate in a blend of core, high-cash-yielding core+ and value-adding real estate, primarily through the existing member countries of the EU.
Rockspring has retained Balmain Asset Management, a specialist shopping centre and retail asset manager with specific expertise in Polish markets, to provide local management support at the centre.
Paul Hampton, Head of Fund Management at Rockspring said: 'This transaction marks Rockspring's re-entry into Poland, a market which has shown real resilience, being the only European economy to avoid recession during the recent downturn. Whilst the main strategy is to manage and leverage a secure and long-term cash flow from the centre, there is an opportunity to improve this scheme and bring it to maturity. We are pleased to have increased our exposure to Central Europe within this asset class through its sustainable rent levels, visibility and a strong tenant mix.'