Tony Green’s Australian property trust has added €250m (£170m) to its European portfolio with the purchase of three shopping centres in eastern Europe.
This is the first foray into the region for the APN/UKA European Retail Trust, taking its portfolio to €850m (£577m).
APN/UKA, headed by Green, MWB founding director John Harrison and Strata Concepts pioneer Robert Akerman, has bought the:
- 38,000m2 City Mall in Bucharest, Romania, for €103.5m an 8% yield.
- 32,400m2 Center Nord in Vienna for €100m a 6.5% yield.
- 20,600m2 of shops and offices at the Manhattan in Gdansk, Poland, for €59m – a 7.25% yield.
Elsewhere in the region, Morley Fund Management has bought Hungary’s first factory outlet centre.
Europe’s largest fund manager paid more than €70m (£47.6m), a 6% yield, for the 18,300m2 Premier Outlets Center in Budapest.
The recently completed scheme was developed and sold by a jv between Miller Developments and Hungarian developer Raiffeisen Ingatlan.
GVA Grimley advised Miller and Raiffeisen; King Sturge and SachsenFonds acted for Morley.
References: EGi News 08/09/06
