Central European shopping centre specialist Atrium European Real Estate has finalised the acquisition of Wars Sawa Junior, a prime retail asset located in Warsaw's central high street retail area for €301.5 mln.
Atrium bought Wars Sawa Junior from PFCEE, a fund managed by CBRE Global Investors, using a mixture of existing cash resources and external financing.
CBRE GI initially bought a half share in the asset from the Eastbridge Group’s real estate arm in 2007. It bought out its 50% partner in the property in 2011 for €76 mln.
Built in the early 1970’s, Wars Sawa Junior was originally Warsaw’s first department store. Having been remodeled, extended and upgraded a number of times, it is now one of Warsaw’s most well established and popular retail centres with footfall in excess of 60 million visitors per annum.
It offers 26,000 m2 of gross lettable area which is fully let to a range of international and domestic retail and leisure brands such as H&M, C&A, CCC, TK Maxx and Zara. Additionally, the retail centre offers a further 11,000 m2 of predominantly office and storage space.
The centre is expected to benefit from several significant new developments that are under construction nearby and are planned to open in 2018.
Atrium owns four major shopping centres in the Polish capital with a total GLA in Poland of 550,000 m2. Following the acquisition, 84% of the company’s portfolio is located in Poland and the Czech Republic.
