Rockcastle Global Real Estate Company Limited, advised by international real estate advisor Savills, has acquired Solaris Center in Opole, Poland from Coucal Sp z o.o.
Located in the city centre near the historic Old Town, the main train station and Opole’s university, Solaris totals 18,000 m². Opened in 2009, the modern three story shopping center features a mix of national and domestic brands including Alma, Inditex, Intersport, New Yorker and Rossmann.
Spiro Noussis, CEO at Rockcastle Global Real Estate, comments: “This transaction is our first acquisition of an existing retail center in Poland and establishes our presence in the market. It is the first step towards achieving our strategic objective of building a significant retail shopping center portfolio and operational presence in the country. Rockcastle has earmarked €750 mln of equity for the purpose of both acquisitions and developments in Poland.”
Piotr Moderacki, representing Coucal Sp z o.o, says: “The sale of this center reflects the improving environment for retail in Poland. We are very pleased to have sold this asset to Rockcastle and wish them the very best with their plans for the future.”
Michal Ćwikliński, head of investment at Savills Poland, adds: “We are pleased to have represented Rockcastle Global Real Estate in their first retail property acquisition in Poland. The purchase of Solaris Center shows that regional shopping centres, in medium-sized cities in Poland, are attractive investment targets for investors. We expect significantly more activity from local and international buyers in the retail sector in 2015, focusing primarily on dominant shopping centres with good trading histories.”
Coucal Sp z o o was represented by CBRE.