Rockcastle finalizes €160 mln retail portfolio acquisition
15:07
Investor Rockcastle Global Real Estate has finalized the acquisition of two regional shopping centers – Focus Mall Zielona Góra and Focus Mall Piotrków Trybunalski – from Aviva Investors for a total of €160 million. Cushman & Wakefield, Hogan Lovells, Arcadis and PwC represented the buyer in the transaction, while JLL, Dentons and Deloitte advised the seller. Focus Mall Zielona Góra and Focus Mall Piotrków Trybunalski were completed in 2008 and 2009 by Parkridge Retail Poland and offer 26,800 sqm and 35,200 sqm of leasable space respectively. Aviva acquired the centers in 2012. “This acquisition is perfectly in line with Rockcastle’s growth strategy. Both retail properties provide steady and secure income streams. Thanks to an excellent central location and active property management they have potential for further growth,” commented Spiro Noussis, the CEO of Rockcastle Global Real Estate. Paweł Partyka, an associate in the capital markets department of Cushman & Wakefield, said that the transaction reflects the attractiveness of regional cities for foreign investment funds. According to JLL data, the total volume of the investment transactions closed in the retail property sector in Poland so far this year amounts to €1.675 billion.
