The ECE European Prime Shopping Centre Fund II has acquired two shopping centres in Poland, “Atrium Felicity” in Lublin and “Atrium Koszalin” in Koszalin. Following the purchase, the fund now comprises nine shopping centres located in Germany, Poland, Hungary and Italy, with the total market value of c.€1.5bn. The purchase price was not disclosed.
The two centres are premium assets with a strong, established market position in their respective catchment area. They have a positive turnover and footfall development, strong anchor tenants as well as value-add potential. The assets are sold by Atrium Real Estate Europe, who has been managing both assets in the past. The closing of the transaction is planned for the third quarter.
Atrium Felicity in Lublin, which has opened in March 2014, totals 77,000m² and comprises 120 shops and 3,000 parking spaces. Its tenants include fashion labels like H&M, Reserved and the Inditex brands (Zara, Bershka and Pull&Bear), as well as a Media Markt and a movie theatre.
Launched in November 2008, Atrium Koszalin accommodates c.120 shops spread over 43,000m² and a parking facility for 1,500 vehicles. The main tenants include Adidas, Decathlon, Pull&Bear, Stradivarius, Tesco, Media Markt, C&A and H&M.
“The acquisition of the shopping centres in Lublin and Koszalin are in line with our strategy to focus on dominant shopping centres in excellent locations with a balanced tenant and sector mix. The two centres offer unique value-add opportunities in a market environment for retail assets, characterized by increasing polarization”, Dr. Volker Kraft, CEO of ECE Real Estate Partners.