Focus Estate Fund buys retail scheme in Poland

Ukrainian real estate firm Focus Estate Fund has announced the acquisition of the shopping centre Galeria Awangarda in Bartoszyce, Poland.

Financial details were not disclosed.

Galeria Awangarda has a total area of 7,500 m2, with a gross lettable area (GLA) of 6,100 m2.

The asset, which opened in April 2016, registered a vacancy rate of 3% at the time of the transaction. Its anchor tenants are Biedronka, Jysk, KIK, Deichmann and ABRA.

Maxim Shkolnick, partner at Focus Estate Fund, commented: ‘We continue to maintain our strategy of diversifying the investment portfolio, acquiring properties not only in different geographical parts of Poland and Czech Republic, but also supplementing the format of retail parks with small shopping centres with good location and additional traffic factors.’

This is the second shopping centre acquired this year by Focus in Poland, and its third asset in the country. In April the Ukrainian firm acquired Park Handlowy Eden (Galeria Eden), located in Zgorzelec, and is now executing plans for a €1.5 mln refurbishment programme.

‘We congratulate Focus Estate Fund with this new acquisition and look forward to take on the management of Galeria Awangarda into our retail portfolio,’ said Virginie de Baere, head of property and asset management at JLL, which will manage the property.

Kyhos Real Estate  brokered the deal, while Czabanski Galuszynski i Partnerzy provided legal support.


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