Thursday, 19 March 2015
Union Investment acquires shopping center in Poland from CBRE Property Fund Central Europe (PL)
Union Investment announces the acquisition of Sarni Stok shopping center, Poland from the CBRE Property Fund Central Europe, managed by CBRE Global Investors. The property is the second foreign investment for UII Shopping Nr. 1 retail property fund.
The new addition to the portfolio is the shopping center well known as Sarni Stok in Bielsko-Biała, in Poland’s Silesia region. Opened in 2001, it comprises of 73 retail units spread over an area of some 31,243 m². The center underwent an extension and refurbishment in 2012.
“Sarni Stok is an established shopping center with a diverse tenant mix located in a metropolitan area with above average purchasing power, making it an excellent fit for our thematic fund,” said Dr. Christoph Schumacher, a member of the management team at Union Investment Institutional Property GmbH, Hamburg.
Dr. Martin Sabelko, a Fund Manager and CEO of CBRE Global Investors Central and Eastern Europe commented on the transaction: “We are pleased to announce the completion of this disposal which is in line with our promise and our commitment to the Fund Business Plan presented to our investors. This transaction also highlights our increasing transactional activity in the CEE region.”
The shopping center has an attractive catchment area of around 400,000 people and benefits from very good visibility and an excellent accessibility both by car and public transport, with numerous bus routes stopping immediately in front of the property. Law firm Hogan Lovells and JLL advised Union Investment on the deal and Clifford Chance supported CBRE Property Fund Central Europe with its legal services.
Source: Union Investment