MAS Real Estate has entered into a sale and purchase agreement with PKM Developments, a joint venture established together with Prime Kapital, to acquire a portfolio of retail centres in Romania for c.€113m. The deal allows the company to enhance its footprint in CEE.
The portfolio comprises the following:
• Roman Value Centre, an 18,808m² GLA, Carrefour anchored retail centre that opened in November 2018 with approximately 159,000 residents within a 30-minute drive and no direct competition within the catchment area;
• Baia Mare Value Centre that opened in December 2018, a 21,318m² GLA centre, also anchored by Carrefour, registering initial sales above expected levels; and
• A portfolio comprising seven further value centres each adjacent to a Kaufland supermarket, totalling 27,833m² of GLA completed throughout 2017 and 2018.
In total the nine assets comprise 67,959m² of GLA and are expected to deliver €8.15m of annual net operating income. Three of the centres have the potential to be extended and already have zoning approval.
