Focus Estate Fund has acquired the Galeria Awangarda shopping centre in Bartoszyce, Poland. The 7,515m² centre opened in April 2016 and represents a new high-quality building in a dynamically developing city in the northern region of Poland. At the time of the transaction, the vacancy rate of the shopping centre was c.3%. Major tenants include Biedronka, Jysk, KIK, Deichmann and ABRA. The purchase price was not disclosed.
"We continue to maintain our strategy of diversifying the investment portfolio, acquiring properties not only in different geographical parts of Poland and the Czech Republic but also supplementing the format of retail parks with small shopping centers (known as convenience shopping centers) with good location and additional traffic factors,” said Maxim Shkolnick, Partner at Focus Estate Fund.
“We congratulate Focus Estate Fund with this new acquisition and look forward to take on the management of Galeria Awangarda into our retail portfolio. Galeria Awangarda has an excellent location and the right anchors for convenient shopping,” said Virginie de Baere, Head of Property and Asset Management, JLL.
KYHOS Real Estate acted as a transaction broker, legal support was provided by Czabanski Gałuszynski i Partnerzy. while JLL became the property manager.