The 28,485 m² shopping center, located on a major arterial route within Płock, was built in 2010. The modern scheme has underground parking for circa 670 cars and comprises two floors of retail which is 99.9% occupied to a high proportion of international retailers (50%) including H&M, Zara, Bershka, Media Markt, Deichmann and New Yorker.
Galeria Mazovia represents the sixth shopping center for the Fund and the first transaction in Central Europe for ESCF (taking the total ESCF assets under management to over €500 million).
Florencio Beccar, Fund Manager, ESCF, CBRE Global Investors said: “The Mazovia acquisition provides us with a core, low risk and well occupied center at an attractive yield. It is a great fit for the Fund’s portfolio – not only does it assist with our diversification requirements, it means we have also obtained exposure to Poland, one of the strongest markets in terms of GDP growth expectations in Europe.
“We are confident that this scheme will perform well for our investors - the asset has a solid track record and it combines a high income return with opportunities for rental growth as a result of strong tenant performance.”
Piotr Kaszyński, Partner, Head of Capital Markets, Cushman & Wakefield in Poland, commented, “The acquisition of Galeria Mazovia indicates growing investment activities in the retail sector in medium size cities. The property is a prime product being a well-established and dominant shopping center in one of the most affluent cities in Poland.”
Cushman & Wakefield and Crido Legal law firm represented the seller in the transaction.