Atrium European Real Estate has acquired the Galeria Dominikanska shopping centre in the Polish city of Wroclaw for €151.7m.
The centre was sold by a joint venture comprising Deutsche EuroShop and Germany’s Otto family, which is behind the retail developer and manager ECE.
Atrium will finance the acquisition through the company’s existing cash resources, said a company statement. The transaction is subject to approval by the Polish antimonopoly office and is expected to close in Q3 2013.
Located in Wroclaw’s city centre, next to the historic Old Town, Galeria Dominikanska comprises 32,900 m2 of gross lettable area over three levels containing 102 units. The mall also includes a gym let to AM Fitness Club containing as well as 1,250 m2 of office space.
Galeria Dominikanska was opened in 2001 and underwent refurbishment in 2011.
The tenants include international and national brands such as Zara, Bershka, Pull&Bear, Stradivarius, Carrefour and Media Markt.
Cushman & Wakefield represented the buyer in the transaction.
Atrium European Real Estate’s CEO, Rachel Lavine, said: “Galeria Dominikanska is an important acquisition for us, being a large, well-established and dominant shopping centre which is in a prime location in one of the major cities of Poland, our most important market.
“ECE is one of Europe’s pre-eminent managers and developers of shopping centres and we look forward to working with them in managing this centre.
“The transaction allows us to start putting the proceeds of our recent Eurobond placement to effective use while increasing Atrium’s weighting to Poland, the CEE’s largest economy, to over 50%, and taking its exposure to A- or above-rated countries to more than 75%.”
