Union Investment has acquired the Focus Park shopping center in the Polish city of Rybnik, close to the Czech border. The vendor is Aviva Investors Polish Retail S.a.r.L. No further details of the transaction were disclosed. The property comprises approximately 74 retail units and a cinema across some 17,846 m² of space and is almost fully let following recent new lettings. Focus Park will be added to the portfolio of institutional retail fund UII Shopping Nr. 1.
“Our investment strategy is geared towards retail properties that provide stable returns, making the fund the perfect platform for this well positioned property,” said Dr. Christoph Schumacher, a member of the management team at Union Investment Institutional Property GmbH.
The long-established Focus Park center welcomes some 5.5 million visitors a year and has a catchment area of approximately 640,000 people. Both purchasing power and employment levels in the region are above the national average. Tenants of the retail property include international and Polish chains, such as C&A, Rossmann, Alma, Empik and New Yorker.
Union Investment's Polish real estate portfolio currently comprises 12 properties ranging from offices and hotel space to shopping centers with a total value of approximately €1.1 bln.
Union Investment was advised on the transaction by CBRE, Dentons and TPA. Aviva Investors was advised by JLL, Linklaters and Deloitte.
Source: Union Investment