The St. Wenceslas Property Fund set up by London-based Hunter Property Fund Management has recently purchased The Witawa Family Centre in Gdynia, Poland, for nearly €9 million. The Fund formed to acquire properties in Central and Eastern Europe has already purchased assets in excess of €100 million in the region. Allcon Investment which sold the property is a well known Polish developer based in Gdynia.
King Sturge International Property Consultant represented the St. Wenceslas Property Fund in the acquisition. Additionally The Witawa Family Centre will be managed by the King Sturge Property Management team and King Sturge Retail Agency will proceed with letting the vacant space.
Sergiusz Gniadecki, President of Allcon Investment, said, âThis was our second property sale transaction to an investment fund. The received amount will be spent on new investment projects. It was a pleasure to cooperate with both Hunter Property Fund Management representatives and King Sturge throughout the transaction.â
Mark Hunter, Managing Director of Hunter Property Fund Management, commented on the acquisition, âThis represents another important step in our strategy to build a substantial retail portfolio in Poland following our acquisition of the five Tesco supermarkets earlier this year.â
The Witawa Family Centre is a recreational, service and retail center, part of the Witawa apartment complex, situated on one of Tricityâs main intersections. The total commercial area of the property is over 6,000 m² including shopping, leisure and office space. The center comprises an Albert supermarket, a fitness center, medical center, offices and 3,240 m² of retail units together with a food court. There are 200 places in the multi-story car park located within the complex.
The anchor tenants include Albert, Pepco, Gymnasion and Rossmann.
Source: King Sturge