Ukrainian real estate investment fund Focus Estate Fund has acquired the Turawa Park shopping center in Opole, Poland from international investment management group abrdn for an undisclosed sum. Turawa Park with a total area of 35,138 sqm is the fourth asset of the Fund’s portfolio in Poland.
BNP Real Estate, which operates the shopping center, brokered the deal. B2R Law, CSWP, Dentons, CMS and Gleeds advised in this transaction.
Turawa Park is a multi-format shopping center with more than 60 stores; it includes a gallery with an area of 18,031 sqm, a retail park – 8,040 sqm, a DIY-format store area – 9,067 sqm and 1,320 parking spaces. At the time of the acquisition, the total vacancy rate was 29%.
Turawa Park's anchor tenants are such well-known brands as Carrefour, Reserved, Sinsay, Media Expert, Action, Smyk. Other tenants include Rossmann, Big Star, C&A, Pepco, Levis, Sephora, Deichmann.
"This is our fourth asset in Poland and we plan to continue scaling our portfolio in the Polish market where we have been present for more then five years. We see good prospects within the retail's value added segment that we operate in. In particular with focus on non prime retail parks and convenience shopping centers which have proved to be one of the most resilient classes during the pandemic. As for the deal itself, it was quite complex and I would like to thank abrdn team for their professional and balanced approach", said Maxim Shkolnick, General Partner of Focus Estate Fund.
"We would like to congratulate Focus Estate Fund of the acquisition of another asset and thank all the parties involved for fruitful cooperation during the whole process. Over the years of management as well as leasing representation of Turawa we have introduced many solutions which made this property such an attractive investment product. I am confident that our cooperation with the new owner on the implementation of future business strategies for the asset will bring us further profits", commented Michał Pszkit, Board Member, Head of Property Management, in BNP Paribas Real Estatate Poland.
The fund's portfolio includes three more retail centeres in Poland (in the cities of Sandomierz, Zgorzelec, Bartoszyce).
Focus Estate Fund – Real estate investment fund focusing on non-prime retail properties in Central and Eastern Europe. The Fund’s strategy is to invest in the existing mid-scale commercial properties in the most dynamic European markets.
