Johannesburg-listed CEE landlord Nepi Rockcastle is to invest €461 mln to acquire two adjacent shopping centres which are being integrated as a 100,000 m2 retail centre in the Polish city of Kraków.
The assets are Serenada, a 41,170 m2 shopping centre opening this month, and the adjacent 27,728 m2 Krokus shopping centre in the Bora-Komorowskiego district of Kraków.
Nepi Rockcastle has agreed an aggregate consideration of €249 mln for the two shopping centres. This will be increased by further payments of €212 mln, dependent on the completion of an extension which will result in a single integrated shopping centre with a gross leasable area (GLA) of over 100,000 m2.
The vendor is Mayland, developer of Serenada. Mayland acquired Krokus from Valad Real Estate in March 2016 in order to create a 100,000 m2 centre in Kraków, the second largest city in Poland and the third largest metropolitan area.
Nepi Rockcastle said the transaction advanced its strategy of acquiring and developing dominant retail centres in Central and Eastern European cities with attractive macro-economic fundamentals.
The South African firm said the acquisition made it the owner of a top 10 super regional shopping centre in Poland and one of the largest dominant retail owners in the most populous country in Central and Eastern Europe.
