Heitman European Property Partners IV (HEPP IV) together with NEINVER S.A. has announced the formation of a retail shopping center joint venture for the ownership and management of the Galeria Malta Shopping Center in Poznan, Poland.
As one of the 'Big Six' cities of Poland, Poznan has strong demographic potential and in particular, is underserved by new class-A retail centers. New residential and commercial developments being developed to the east of Poznan city center also lend themselves to the Center's demographic appeal. Leased to a variety of national and international tenants, the Galeria Malta Shopping Center is well diversified by retail segments which include leisure facilities, mainstream fashion shops, and a high-end supermarket. Additionally, no one tenant generates more than 5% of revenue to the Center.
With 505 million in equity commitments, HEPP IV is the fourth and latest in a series of European value-added property investment funds managed by Heitman, which has been active in the region since 1995.
"Active across Poland for 15 years, Heitman is widely acknowledged for its expertise in recognizing value across the region," commented Otis Spencer, Managing Director and Head of Portfolio Management of the firm's European private real estate equity group.
"The Galeria Malta Shopping Center possesses many of the attributes we look for in our real estate investments and we are very pleased to establish this joint venture ownership and management agreement with NEINVER an experienced and like-minded pan-European property expert."
With over 40 years of experience, NEINVER presently manages 350,000 m² of retail gross leasable space and has been investing in the Polish market for eight years. Among its projects in Poland, it developed and delivered the Galeria Malta Shopping Center in Poznan in March, 2009.
NEINVER CEO, Manuel Lagares, added, "Heitman is a strong partner that clearly understands the value inherent in this exciting property. We look forward to working together in this joint venture and enjoying the growth and great promise we both expect from Poland, the City of Poznan and the Galeria Malta Shopping Center."