UKRAINIAN INVESTMENT FOCUS ESTATE FUND ACQUIRES POLISH TURAWA PARK TRADE CENTER
Ukrainian real estate investment fund Focus Estate Fund has acquired Turawa Park shopping center in Opole (Poland) from international investment management group abrdn for an undisclosed amount, said fund general partner Maksym Shkolnik.
“This is our fourth asset in Poland and we plan to continue to develop our portfolio in the Polish market, where we have been present for more than five years,” he said.
BNP Real Estate, which operates the shopping center, negotiated the transaction. B2R Law, CSWP, Dentons, CMS and Gleeds advised on this transaction.
Turawa Park is a multi-format shopping center with a total area of over 35,000 square meters, which has more than 60 stores. It includes a gallery with an area of 18,000 square meters, a commercial park of 8,000 square meters and the area of DIY stores – 9,000 square meters. The car park is designed for 1,320 cars.
The key tenants of Turawa Park are well-known brands such as Carrefour, Reserved, Sinsay, Media Expert, Action, Smyk. The other tenants are Rossmann, Big Star, C&A, Pepco, Levis, Sephora, Deichmann.
According to the fund’s press service, at the time of acquisition, the total vacancy rate was 29%.
“We see good prospects in the value-added retail segment in which we operate. Custom retail parks and neighborhood malls have proven to be among the most resilient classes during the pandemic. As for the transaction itself, it was rather complicated and I would like to thank the abrdn team for their professional and balanced approach, ”said Shkolnik.
The fund’s portfolio includes three other shopping centers in Poland in the towns of Sandomierz, Zgorzelec and Bartoszyce.
At the end of 2021, Focus Estate Fund sold two of its commercial buildings in the Czech Republic to the DRFG investment group: Centro Ostrava Retail Park and Most Retail Park.
Focus Estate Fund is a real estate investment fund focusing on mid-sized, non-high-end commercial properties in Central and Eastern Europe.
INVESTMENT FUND, INVESTMENTS, COMMERCIAL CENTER