The ‘Stary Browar’ in Pozan, Poland, has been acquired by Deutsche Asset & Wealth Management on behalf of its German fund grundbesitz europa for approximately €290m. Dentons real estate team advised Fortis Nowy Stary Browar SP.z o.o. on the sale.
Stary Browar (meaning ‘old brewery’), was created as a result of revitalisation and development of the 19th century buildings of Hugger’s Brewery. The shopping centre was previously run as an arts centre for several years, with an extension added in 2007. It has changed the face of the city by introducing numerous top-class attractions as well as changing Półwiejska street - connecting Stary Browar with Stary Rynek – into a promenade and one of the most expensive streets in Poland, as well as revitalising the 4-hectare park which has become a favourite meeting place for Poznań locals.
The property consists of 47,000m² of commercial premises, 4,750m² of office premises, 7,000m² of event, exhibition and warehouse premises and a parking lot. The largest tenants at present are H&M, Inditex Group and LPP group with its leading brands, as well as some Polish designers.
There are 220 shops, restaurants, bars, cafés, cinema auditoria, music clubs, offices, a medical centre and the Art Stations gallery and the office of the ‘Art Stations Foundation by Grażyna Kulczyk’. The complex also contains a sculpture park and a 5-star hotel. The annual number of visitors has nearly topped 10 million.
“Stary Browar is a unique spot on the Polish cultural map. We are pleased that Ms. Grażyna Kulczyk selected Dentons and our team to act as her legal counsel on this landmark transaction,” said Paweł Dębowski, chairman of the european real estate group. “This was a fascinating project, requiring in-depth legal and local market knowledge on both the seller and vendor side. We are delighted that this successful completion has enabled Ms. Kulczyk to focus on fresh business initiatives,” he added.
Stary Browar is the winner of many awards in the field of marketing, communications and investment. The International Council of Shopping Centres named it “The best shopping centre in the world” and “The best shopping centre in Europe” twice in a row.
