Apollo completes Poland mission

Apollo Real Estate Advisors European arm today revealed its acquisition of a portfolio of shopping centres in Poland for £472m.

Apollo, led by Bill Benjamin, purchased the centres in a joint venture with private US property company, Rida Development Corporation, from German investment vehicle, Immopol. Commenting on the deal, Benjamin said: “This acquisition concludes at a critical time for Poland as it joins the European Union, which we believe will offer significant growth opportunities.”

The centres are anchored by retailers including Media Markt, Real and Praktiker, all members of the Metro Group. All units are let on long leases.

A sum of £410m was provided by German bank, Eurohypo, as debt finance for the purchase.

Source: Freeman News

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