Ukraine's Focus Estate Fund has acquired Park Handlowy Eden (Galeria Eden) in the Polish city of Zgorzelec from DNB Assets Holdco.
Financial details were not disclosed.
'The acquisition of this asset meets our investment criteria, contributes to our value-added investment strategy and is also a valuable addition to the fund’s portfolio, which is diversified across mid-scale retail properties in Poland and the Czech Republic,' said Maxim Shkolnick, partner at Focus.
Focus, which targets non-prime retail properties in CEE, said it intended to invest more than €1.5 mln to reposition the 8,500 m2 GLA shopping centre alongside its development and leasing partner, Mlyn Retail Parks.
Galleria Eden will continue to operate during construction work which will see the scheme evolve and expand to 10,000 m2 GLA.
The deal marks Focus’s second investment in Polish retail real estate, following the purchase two years ago of Galeria Sandomierz. The fund’s portfolio also includes two retail centres in the Czech Republic.
JLL has been appointed as property manager of the centre.
Czabanski Galuszynski i Partnerzy law firm advised Focus.