The Galeria Mazovia Shopping Center, has been purchased by The CBRE European Shopping Centre Fund (“ESCF”), controlled by CBRE Global Investors, in the city of Plock, Poland.
The last yield of the shopping mall equaled 7.9%. Galeria Mazovia is a shopping mall spread across 54.5 thousand sq m. It harbors 110 shops of various Polish and global brands such as Zara, Stradivarius, H&M, Media Markt, LPP Group, and various service providers, cafes, restaurants, food court and food catering establishments. The center features a 780 space parking lot. Galeria Mazovia was opened April 24, 2010. The investment value reached 200 million PLN. Galeria Mazovia is the first transaction in Central Europe for ESCF (taking the total ESCF capital under control to over €500 million).
Florencio Beccar, Fund Manager, ESCF, CBRE Global Investors stated: “The Mazovia acquisition provides us with a core, low risk and well occupied center at an attractive yield. It is a great fit for the Fund’s portfolio – not only does it assist with our diversification requirements, it means we have also obtained exposure to Poland, one of the strongest markets in terms of GDP growth expectations in Europe”.
