Poland: Galeria Mazovia to be sold

The CBRE European Shopping Centre Fund which is advised and managed by CBRE Global Investors has been provided with a medium-term acquisition facility of Ђ21m by pbb Deutsche Pfandbriefbank for its purchase of Galeria Mazovia, a shopping centre in Plock. Pbb is the sole hedge provider and lender for the facility. The transaction was completed during June 2014.

The shopping centre was opened during 2010, with a net leasing area of 28485mІ. Its main tenants are popular retail chains, including Zara, Reserved, Piotr i Pawel and Media Markt.The Head of Real Estate Finance International, UK & CEE at pbb Deutsche Pfandbriefbank, Charles Balch, said that the banking institute is very pleased to have offered support to CBRE Global Investors with their latest acquisition. It is of the opinion that the real estate market in Poland offers good opportunities for asset managers investing in regional centres.