Rockspring strengthens Central European retail portfolio (PL)

Rockspring Property Investment Managers announces the acquisition of the Alfa Centrum, a destination multi-level shopping center, located in the heart of Olsztyn, Poland, from Arka Property Funds.

The acquisition was on behalf of a separate account client, and was financed by German bank Helaba (Landesbank Hessen-Thüringen), who acted as Sole Arranger, Lender and Agent in this transaction.

Alfa Centrum comprises 25,000 m² of retail space and benefits from having a diverse base of high quality international and domestic tenants including H&M, Reserved, New Yorker and a Helios cinema, delivering a strong income stream and covenant. Situated in a dominant position, adjacent to the Kolobrzeska inter-cross with Chlopska, the center attracts high footfall, and benefits from excellent transport links.

This transaction follows a number of successful purchases by Rockspring in Central and Eastern Europe over recent months, including the Atrium International Business Center in Warsaw, a well-known office building in the heart of Warsaw's CBD, and Olympia Shopping Centre in Brno, Czech Republic, which was acquired in a joint venture. Both these assets were acquired on behalf of separate account clients.

Kevin Muscat, Assistant Director of Rockspring, commented: "Alfa Centrum's acquisition represents Rockspring's ability to identify best-in-class real estate which, in line with our approach to investment throughout Europe, will deliver the potential for both income and capital growth to our investors, underpinned by a stable cash flow from acquisition."

Agnieszka Jachowicz, Managing Director of Arka Property Funds, commented: "The sale of this unique asset is the next step of the planned liquidation of the Arka BZ WBK Property Market Fund Portfolio. Alfa Centrum is one of its most valuable and best performing assets.

"Arka Property Market Fund bought the first phase in 2005, and as result of its success, Arka Property Market Fund 2 acquired the mall extension in 2009. Alfa Centrum is unique in terms of location, catchment, and tenant mix which should be of benefit to the buyer."

Knight Frank acted for Rockspring in the acquisition and Balmain Asset Management has been appointed as the asset manager.

Source: FTI Consulting

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