German property lender Westimmo has provided MGPA's Europe Fund III with a EUR 119.8 mln financing facility for two modern shopping centres in Poland.
German property lender Westimmo has provided MGPA's Europe Fund III with a EUR 119.8 mln financing facility for two modern shopping centres in Poland.
The MGPA fund acquired the Karolinka and Pogoria shopping centres and took an option on a third Polish mall in a EUR 236 mln transaction with Mayland Real Estate, the developer and manager of the centres, late last year. Colliers International represented Mayland Real Estate as exclusive agent in the sale.
The investment volume for the Karolinka and Pogoria shopping centres was EUR 187 mln.
Karolinka opened in 2008 and is located in Opole, near the Czech border, about 310 km south west of Warsaw. It comprises over 70,000 m2 space and is let to 127 national and international retailers. Pogoria comprises a hypermarket and a retail gallery, both opened in 2008. A DIY store is under construction which will be completed in March 2010. The property is located in the city centre of Dabrowa Górnicza, Southern Poland, near Katowice.
Martin Erbe, managing director Continental Europe at WestImmo commented: 'The acquisition of these two modern shopping centres happened in difficult times and market circumstances. It is one of the biggest investment deals in CEE in 2009 and clearly shows the recovery of the market.'
Westimmo acted as agent and arranger for the financing.