On December 9, 2010, RE project development signed a sales contract with the British investment fund Rockspring for the sale of the Ferio shopping and service center in Konin. The shopping center has been sold for 47.2 million. The vendor was advised by King Sturge.
"Since 2005, four shopping centers under the Ferio brand have been opened. All of our projects have received many awards for the idea, realization, and architectural effects. Ferio shopping center in Konin is the biggest project of the kind. At the moment of its opening nearly 100% of the shopping surface was rented out and there were many companies willing to be present in the center.
"Ferio in Konin is a well prospering entity, the turnover of which kept increasing regardless of the world financial crisis," underlines Maciej Krenek, member of the Board of RE project development.
"Now is the time for change. I am convinced that under the management of Rockspring investment fund, Ferio shopping center will strengthen even more," says Maciej Krenek.
Kevin Muscat, Assistant Director of Rockspring, said: "This transaction marks Rockspring's re-entry into Poland, a market which has shown real resilience, being the only European economy to avoid recession during the recent downturn. Whilst the main strategy is to manage and leverage a secure and long-term cash flow from the centre, there is an opportunity to improve this scheme and bring it to maturity. We are pleased to have increased our exposure to Central Europe within this asset class through its sustainable rent levels, visibility and a strong tenant mix."
Source: Raiffeisen evolution Austria