NEPI Rockcastle has entered into an agreement to acquire 100% of the shares in Atrium Copernicus, the entity that owns Atrium Copernicus Shopping Center, from Atrium Retail Ltd. The acquisition is part of NEPI Rockcastle’s investment strategy to increase the concentration of its portfolio in countries with investment-grade rating and focus on core dominant properties.
Copernicus Shopping Center, which comprises 48,000m², is the dominant retail scheme in Torun, a prosperous city of 200,000 inhabitants, with a high average purchasing power (11% above the national average) and low unemployment rate of 3.5%. Located on Vistula River, Torun is a highly popular tourist destination in Poland and home to four universities with nearly 27,000 students. With a catchment area of close to 400,000 people (within 30 minutes’ drive), the Property enjoys a strategic location in the city, with excellent visibility and access from all city districts.
Copernicus Shopping Center has a BREEAM In-Use Very Good certification and a high occupancy rate of 98%, including anchor tenants such as Auchan, H&M, Stradivarius, Media Markt, LPP, Decathlon. The property has outstanding operational performance and is well-positioned for future growth, both organically and through further value enhancement and extension potential.
Copernicus Shopping Center is expected to generate a Net Operating Income of €9.6m per year in the medium term. The agreed property value is €127m (including €2m for the adjacent development plot). The transaction value is subject to a number of adjustments agreed upon by the parties.
