The Galeria Mazovia Shopping Centre in Plock, Poland has been acquired by the CBRE European Shopping Centre Fund (ESCF) which is managed by CBRE Global Investors, at a 7.9% yield.
A private investor was the vendor. The centre was built in 2010 and covers 28485mІ. The centre has two retail floors, with 99% occupancy rate. About 50% of the retailers are international brand names, including New Yorker, Deichmann, Media Markt, Bershka, Zara and H&M. It has underground parking for around 670 vehicles.
This is the sixth shopping centre that the Fund has acquired and takes the total ESCF asset management to over Ђ500 million.The Fund Manager, Florencia Beccar, has stated that the acquisition of Mazovia is a low risk, core investment which offers a positive yield. He said it is a superb fit for the Fund portfolio as it has not only assisted in their diversification plans, but also given them entry into Poland which is one of the strongest markets in Europe regarding GDP growth. He is confident about performance for investors as the asset comes with a solid track record and combines high income return with rental growth opportunities due to the strong performance by tenants.
23 JUNE 2014, Poland