Polish shopping center bought by local investor (PL)
Tuesday 1 November 2011
International real estate advisor Savills has advised local investor PH3 in the acquisition of a 15,000-m² shopping center in Pabianice, on the outskirts of Poland’s second largest city, Lodz, for approximately €24 million.
The property was developed by Polish firm Echo Investment in 2002. It is fully let and tenants include Piotr i Pawel, Jysk, NOMI, RTV Euro AGD, Reserved, Rossmann and CCC.
Michal Cwiklinski, Head of Investment Savills Poland, says: “This was a great investment opportunity for PH3 with a lot of upside potential and a very good trading history with strong rent/sales ratios. It is a promising sign that investors are looking further afield and not just focusing on prime assets in Warsaw.”