Rockcastle acquiring Galeria Warmińska mall in €150 mln deal

Rockcastle has concluded a preliminary agreement to acquire Galeria Warmińska shopping centre in Olsztyn from Libra Project 2 for €150 mln, the company announced. Galeria Warmińska, which opened in September 2014, has 150 stores with a total GLA of 42,711 sqm. The shopping centre is fully let to international and national tenants such as CCC, H&M, New Yorker, Piotr & Pawel, Reserved, RTV Euro AGD, TK Maxx and Zara. The transaction represents an acquisition yield of 6 percent and will be settled from Rockcastle’s existing cash resources. It is subject to various conditions precedent usually associated with transactions of this type. Completion of the transaction is expected by the end of January 2017.