Union Investment has acquired Ferio Konin, the market-leading shopping centre in the central Polish city of Konin, from Rockspring Property Investment Managers’ TransEuropean Property Limited Partnership IV for an undisclosed sum.
Kevin Muscat, European director at Rockspring, said: “Having originated this investment off-market in 2010, we are delighted to have worked so successfully with retail specialist Balmain in delivering on such an active business plan and now to have completed the sale.”
The sale represents the eighth property acquisition for Union Investment’s institutional thematic fund UII Shopping Nr. 1 since it was launched in 2011. The open-ended special real estate fund is now fully invested, with total assets worth around €526m.
“After the success of our first thematic fund, we can definitely envisage another product with a focus on European retail markets,” said Dr Christoph Schumacher, a member of the management team at Union Investment. UII Shopping Nr. 1 is invested in five core European countries, with the properties in the fund worth between €38m and €118m.
With a catchment area of around 360,000 people, Ferio Konin shopping centre was opened in 2008 and extended by 2,500m2 in 2013. Its 74 retail units accommodate a selection of major specialist retailers together with a broad range of well-established national and international fashion brands across a floor area of 35,585m2. Big-name anchor tenants include H&M, C&A, Deichmann, Rossmann, MediaMarkt, an Intermarché supermarket and a Castorama DIY store. Ferio Konin provides 1,100 free customer parking spaces and has excellent transport links, being situated close to the city of Konin and only around three kilometres from the A2 motorway.