Norwegian developer Real Estate Central Europe (RECE) Group has finalized the sale of a portfolio of eight of its convenience shopping centers in Poland to Dutch investment fund Arcona Property Fund. Cushman & Wakefield represented the vendor in the transaction whose value has not been revealed. The malls that are the subject of the deal are located in Gdańsk, Głogów, Grudziądz, Inowrocław (two malls), Kalisz, Piotrków Trybunalski and Słupsk, and offer a total of more than 16,000 sqm of space.
RECE Group still owns shopping malls in Łódź, Toruń and Bydgoszcz, which are also expected to be acquired by Arcona in the first quarter of this year. “A portfolio of geographically diversified retail properties with a varied tenant mix is an attractive investment product for investment funds and a financial product that is readily accepted by banks,” said Mira Kantor-Pikus, partner, director of strategic advisory responsible for structured financing and fund advisory, capital markets, at Cushman & Wakefield in Poland.