King's Street Retail adds Poznań mall to the portfolio (PL)

King's Street Retail, a platform of high-quality Polish shopping centers, has added Galeria Pestka in Poznan to the portfolio. The purchase of Galeria Pestka by Blackstone's real estate fund from a private German investor was concluded on Wednesday November 30. The value of the transaction has not been disclosed.

Galeria Pestka

Galeria Pestka in Poznan.

With the new acquisition, King's Street Retail has further expanded its portfolio, so far including Magnolia Park in Wroclaw, Galeria Twierdza in Klodzko and Galeria Twierdza in Zamosc – all acquired earlier this year. In line with the announced plans, Galeria Tæcza of Kalisz will also be acquired by the end of 2011.

Galeria Pestka in Poznan, with 42,000 m² GLA and 1,000 parking spaces, is a popular family-oriented scheme anchored by a Carrefour hypermarket, a Praktiker DIY store and a SATURN electronic goods store.

The current mix of tenants at Galeria Pestka also includes renowned brands such as: C&A, KappAhl, Bata, DEICHMANN, Douglas, Rossmann and numerous others, as well as entertainment and leisure facilities, coffeehouses and restaurants.

As of December 1 2011, the management of Galeria Pestka will be assumed by Master Management Group, a leading retail space manager and developer in Poland, also in charge of the remaining malls in King's Street Retail platform.

"We are enthusiastic about Galeria Pestka joining King's Street Retail, as we see tremendous potential for growth in this already popular Poznañ mall.

"I am positive that applying our expertise in delivering the best retail experience to the customers will result in the addition of some new highly-desired brands to Galeria Pestka, increasing the footfall and effectively boosting the turnover for the tenants," said Paul Kusmierz, Principal of Master Management Group.

Source: Questia sp. z o.o. sp.k. 

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