Aaim's second target

Aaim Europe has acquired the Galeria Gniezno shopping center for EUR 21.1 (zł.83) million.

The transaction, which was closed at a gross initial yield of seven percent, is Aaim's second real-estate deal in Poland, after Galeria nad Jeziorem (Lakeside Galeria Shopping Center) in Konin, which changed hands for about EUR 24 (zł.94) million. Both deals are part of Aaim Europe's investment plan, according to which it will invest EUR 1 (zł.3.92) billion in the CEE region.

The financing of the acquisition of Galeria Gniezno was provided by Hypo Real Estate Bank International as part of a EUR 200 (zł.784) million acquisition-financing facility for Aaim Europe.

"This transaction clearly demonstrates the way in which our European business platform works to deliver efficiently and successfully a structured financed solution for a key client," said the CEO at Hypo Europe, Harin Thaker.

The 11,600-sqm shopping center is anchored by a 4,450 sqm Hypernova hypermarket. In relation to Galeria Gniezno, Aaim Europe will apply a similar business-improvement plan as with its first acquisition, Galeria nad Jeziorem. Implemented and managed by Aaim in cooperation with Donaldsons Polska, the business plan brought in a 25-percent increase in value over the last 10 months. Donaldsons Polska is also Aaim's strategic partner for Galeria Gniezno and will cooperate on implementing the business plan for the recently purchased center.

Since it was launched in 2003, Aaim has finalized transactions worth a total of EUR 750 (zł.2,940) million, reaching a 100-percent internal rate of return. Aaim Europe, which was founded in 2005, will focus on transactions in the commercial real-estate market with a low risk level. The added value for Aaim of transactions in European markets is a favorable relationship between rental yields and the cost of borrowing.

AB