Germany's Union Investment Real Estate has acquired Focus Park shopping centre in the Polish city of Rybnik, close to the Czech border, from a unit of Aviva Investors.
Germany's Union Investment Real Estate has acquired Focus Park shopping centre in the Polish city of Rybnik, close to the Czech border, from a unit of Aviva Investors.
The investment volume was not disclosed.
Focus Park comprises 74 retail units and a cinema across 17,846 m2 of space and is almost fully let with tenants including C&A, Rossmann, Alma, Empik and New Yorker. Opened since 2007, the property is located in the city centre on the site of an old brewery, which has been partially integrated into the property, and adjoins the market square.
The asset is earmarked for the UII Shopping Nr. 1 institutional retail fund.
'Our investment strategy is geared towards retail properties that provide stable returns, making the fund the perfect platform for this well-positioned property,' commented Christoph Schumacher, a member of the management team at Union Investment Institutional Property.
The fund invests primarily in shopping centres across Europe, with retail parks and trophy buildings in high-street locations also being considered.
Union Investment's Polish real estate portfolio currently comprises 12 properties ranging from offices and hotel space to shopping centres with a total value of €1.1 bn.
Union Investment Real Estate was advised on the transaction by CBRE, Dentons and TPA. Aviva Investors was advised by JLL, Linklaters and Deloitte.
Earlier this week Union Investment announced the purchase of Green Worx office building in Vienna for €50 mln. The 16,277 m2 property was bought for Union's Unimmo: Deutschland open-ended property fund from developer S+B Group and Raiffeisen Holding.
