Shopping center owner, operator and re-developer Atrium European Real Estate is in the process of acquiring the Wars Sawa Junior retail center in downtown Warsaw from PFCEE, a fund managed by CBRE Global Investors. The transaction, which is valued at €301.5 million, is expected to be finalized in the fourth quarter of this year.
“Not only does Warsaw Sawa Junior add another large dominant retail destination to our growing Warsaw asset base, but it also offers a number of exciting opportunities for redevelopment and asset management that will allow us to grow the center and create further value, taking full advantage of its unique prime central location,” commented Atrium Group CEO Liad Barzilai.
Originally Warsaw’s first department store, Wars Sawa Junior was built in the early 1970s and has since then gone through a number of modernization, remodeling and extension processes. It offers 26,000 sqm of retail GLA that is currently fully leased out to tenants including H&M, C&A, CCC, TK Maxx and Zara. Over 60 million people visit the retail center annually.
Once the Wars Sawa Junior deal has been completed, Atrium will own four major retail assets in Warsaw and its Polish portfolio will total approximately 550,000 sqm of GLA.