Catalyst invests €194m in European commercial property

Catalyst invests €194m in European retail property


Catalyst Capital has completed the acquisition of €194m of high-quality retail assets in Sweden, Germany and Poland and office development in Paris for its new Catalyst Core Plus European Property Fund (CCPEPF), a €1bn “evergreen” real estate fund. The company has purchased Galleria Center Syd in Malmo from Baring Real Estate, the Rathaus Center Dietzenbach near Frankfurt from Hahn Group, the Zielony Targówek retail park in Warsaw from Credit Suisse Asset Management and agreed to forward fund an office development by VINCI Immobilier in Saint-Denis, Paris.


Galleria Center Syd is situated next to the E6 highway, between the cities of Helsingborg and Malmo. It was refurbished and extended in 2015 to provide 40,394m² of space, anchored by hypermarket ICA Maxi, and liquor store Systembolaget. It features a strong range of household brands including H&M, Stadium, Lindex, KappAhl and Clas Ohlson.


The Rathaus Center Dietzenbach is a modern, two-storey shopping centre in Dietzenbach, which is 12km south-east of Frankfurt. It comprises 21,590m² of space, let to 32 tenants, including Rewe, Muller, Media Markt and C&A.


The Zielony Targowek retail park in Warsaw comprises 25,000m², of which 85% is let to 12 international and national retailers, including KFC, Saturn and Dreams Design.


The @Work office development is a 6,700m² building in the Pleyel district of Saint-Denis, which is to become the main strategic transport hub of the Grand Paris project and the location of the Olympic village for the 2024 Olympic games.


Kean Hird, partner of Catalyst and the manager of the fund, said: “These three retail investments provide stable, long-term income, with the potential for value enhancement through asset management and development initiatives, which will generate attractive returns for our investors. The Rathaus Center has an attractive tenant mix of popular retail chains and is well located in the centre of Dietzenbach and with residential developments in the vicinity. Center Syd is the main destination shopping centre in one of the most densely populated areas of Sweden. It has a strong mix of tenants and is performing well in terms of footfall and turnover. Zielony Targowek is located in one of the most popular retail destinations in Warsaw, which has been subject to considerable residential investment recently, with further infrastructure investment expected in the next few years, including a new metro line. The @Work development is located in the largest regeneration area in Paris and will be the first new office building in the Olympic area with delivery expected in the second quarter of 2020”.


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