European Property Investors Special Opportunities, L.P., a fund co-advised by AEW Europe and Tristan Capital Partners, has completed the purchase of the Jantar Shopping Centre in a transaction valued at approximately 92 million. The property, located in the northern Polish city of Slupsk, was developed by Mayland Real Estate and delivered in 2008.
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The Jantar Shopping Centre is currently 100% leased.
The Jantar Shopping Centre currently comprises 22,250 m² and under the terms of a development management agreement entered into with Mayland Real Estate, the scheme will be extended to 45,750 m² by 2012 at which time it will be the third-largest regionally dominant retail scheme in northern Poland. In addition to providing development services to the EPISO fund for the planned extension, Mayland Real Estate will provide ongoing property management services.
The Jantar Shopping Centre is currently 100% leased to tenants that include a Real hypermarket, H&M, KappAhl, Deichmann, Empik, Smyk and RTV Euro AGD which will be complemented by Multikino, Zara, Pull & Bear, Bershka, Stradivarius, Reserved, Cropp, New Yorker amongst others that have pre-let space in the planned extension.
Ric Lewis, CEO of Tristan Capital Partners, commented: "We are pleased to acquire Jantar Shopping Centre for the EPISO Fund and to be partnered with one of the top retail developers in Central Europe. Moreover, we are especially pleased to be further diversifying the Fund by investing in the Polish retail sector and its current and future growth."
Daniel Harris, Investment Director of AEW Europe, commented: "The Jantar opportunity allowed us to purchase a core retail asset with an excellent trading history enhanced with the ability for us to fund a largely pre-let extension which, at completion, will result in the scheme becoming regionally dominant."
Neil Gregory-Eaves of Colliers International, who represented the vendor in the transaction commented: "The sale of the Jantar Shopping Centre reflects Mayland's winning development formula which attracts first class tenants and ultimately a top institutional buyer."
Law firm Salans represented the vendor and BLP / Beiten Burkhardt represented the purchaser.
Source: Bellier Financial
The Jantar Shopping Centre is currently 100% leased to tenants that include a Real hypermarket, H&M, KappAhl, Deichmann, Empik, Smyk and RTV Euro AGD which will be complemented by Multikino, Zara, Pull & Bear, Bershka, Stradivarius, Reserved, Cropp, New Yorker amongst others that have pre-let space in the planned extension.
Ric Lewis, CEO of Tristan Capital Partners, commented: "We are pleased to acquire Jantar Shopping Centre for the EPISO Fund and to be partnered with one of the top retail developers in Central Europe. Moreover, we are especially pleased to be further diversifying the Fund by investing in the Polish retail sector and its current and future growth."
Daniel Harris, Investment Director of AEW Europe, commented: "The Jantar opportunity allowed us to purchase a core retail asset with an excellent trading history enhanced with the ability for us to fund a largely pre-let extension which, at completion, will result in the scheme becoming regionally dominant."
Neil Gregory-Eaves of Colliers International, who represented the vendor in the transaction commented: "The sale of the Jantar Shopping Centre reflects Mayland's winning development formula which attracts first class tenants and ultimately a top institutional buyer."
Law firm Salans represented the vendor and BLP / Beiten Burkhardt represented the purchaser.
Source: Bellier Financial
