18 November 2010

Pradera Europe purchases three shopping centres in Poland for €40 million.

Pradera Europe purchases three shopping centres in Poland for €40 million.

Pradera Europe has agreed the purchase of three shopping centres in Poland from Carpathian Plc for a total consideration of €40.2 million on behalf of its Pradera Open-Ended Retail Fund (POERF).  The three shopping centres comprise the Tulipan Centre in Lodz, the Kometa Centre in Torun and the Sosnowiec Centre in Sosnowiec.

All three shopping centres are anchored by Real hypermarkets, which will remain under separate ownership, and contain a mix of convenience, service and mid-range retail stores.  The three shopping centres all benefit from stable income streams and opportunities to add value through active asset management, as well as sizeable catchment areas and easy accessibility by both public and private transport. 

Colin Campbell, Chairman of Pradera Europe comments: “The first closing of the Pradera Open-Ended Retail Fund last December and acquisitions such as the three shopping centres in Poland clearly demonstrate our capabilities of raising and deploying capital in challenging market conditions. These recent acquisitions are indicative of the type of shopping centres with stable income streams and opportunities to add value that the Fund was established to capitalise on.”

The Pradera Open-Ended Retail Fund (POERF) invests in shopping centres and retail parks across Europe with asset values of between €30 million and €70 million. The Fund is managed by Pradera Europe and is structured as a German KAG. The Fund’s other investments to date include comprise three retail parks in the UK.

CBRE advised Pradera Europe on the acquisition.