South African JV Hystead Limited on the purchase of Skopje City Mall, the largest shopping centre in Skopje, Macedonia, for €92m.
Skopje City Mall extends to 36,500m² and is situated on the periphery of Skopje, the capital city of Macedonia, originally developed as a JV between Balfin Group and Fashion Group which opened in 2013.
Uros Grujic, Head of Capital Markets, SEE, JLL, stated: “This deal is further evidence that investors are seeking new markets in emerging Europe. With other CEE markets witnessing record low yields, South Eastern Europe can still offer good quality shopping centres available at sensible pricing and with improving debt conditions."
The deal follows Hystead’s successful acquisition of the Delta City shopping centres earlier this year in Belgrade, Serbia and Podgorica, Montenegro, deals that were also the largest single asset deals in their respective countries to date, and involved JLL as sale-side advisors.
Andrew Peirson, Managing Director SEE and Romania, JLL, said: "The Skopje City Mall transaction is the fifth shopping center to be traded by JLL within South Eastern Europe in the past 14 months and with more set to close by year end we will total approximately €650m of traded assets across the SEE region in the past 18 months.”
