Aerium, a European real estate fund manager has disposed of three shopping centres in Poland to Newbridge, a Warsaw-based investment & development firm. The portfolio includes CH Czyzyny and CH Bielawy, both opened in 2002 in the cities of Krakow and Torun, respectively, and CH Guliwer, which has been operating in Lodz since 1997. The assets comprise over 72,000 sqm of gross lettable space and are anchored by Carrefour on a long-term lease.
Aerium acquired the shopping centres for its Core Bainbridge Retail Properties fund in 2006 and has carried out an active asset management programme on the properties throughout its ownership.
Originally developed by Carrefour, the shopping centres are 99% occupied and have sales 45% higher than the Polish national average per sqm. The assets host a variety of tenants including Leroy‐Merlin, Rossmann, CCC, Deichmann, RTV Euro AGD, Jysk, Pepco, Douglas and LPP.
Charles-Edouard Castella, Executive Director at Aerium said: “We are pleased to have completed this sale with Newbridge on behalf of our investors. Our Bainbridge fund achieved excellent returns for its investors by improving the quality of its assets and enhancing values. Our long term partnership with Carrefour which anchors our shopping centres in Poland and beyond has been a very successful one and we are extremely pleased that Newbridge is taking over the reins of these successful shopping centres.”
Apleona GVA and SSW advised Aerium on the sale of these assets. Deutsche Pfandbriefbank provided senior debt finance. The assets were being managed by Apsys on behalf of Aerium.