Rockcastle finalizes €150 mln mall acquisition
18:42
South African investor Rockcastle Global Real Estate has finalized the acquisition of the Galeria Warmińska shopping mall in Olsztyn in north-eastern Poland from developer and manager Galeria Warmińska for €150 million. “Galeria Warmińska in Olsztyn is Rockcastle’s first acquisition in north-eastern Poland. Thanks to its dominant position in the Warmińsko-Mazurskie region and continuously growing footfall and tenant turnover, the property’s income growth is expected to significantly exceed market benchmarks,” said Spiro Noussis, the CEO of Rockcastle. The Galeria Warmińska shopping center was opened for business in 2014 and comprises 42,700 sqm of leasable space, which is currently fully commercialized. The mall houses 150 retailers, including Piotr i Paweł, RTV Euro AGD, TK MAXX, Zara, H&M, Reserved, Smyk, New Yorker, Martes Sport, CCC, Carry, Bershka, Intersport, Pull&Bear, Rossmann, Hebe, Multikino and Kinetic. Hogan Lovells, Savills, Arcadis and PwC advised Rockcastle during the acquisition process, while the seller was advised by Greenberg Traurig LLP, JLL and KPMG.
