by Property Forum | Investment

REICO, Česká spořitelna’s real estate fund manager, expanded its Polish portfolio by the acquisition of the Galeria Sloneczna shopping centre in Radom. The value of the fund’s new acquisition is approximately €164 million (CZK 4.3 billion). The seller is an American insurance group that developed the asset in a joint venture partnership with AIG/Lincoln (now White Star Real Estate).


Built in 2011, Galeria Sloneczna is a two-storey shopping centre with 164 business units, including underground and above-ground garages. The total leasable area of the real estate amounts to approximately 40,900 sqm and is currently 93% occupied. The largest tenants are Reserved, Zara, H & M, TK Max, French hypermarket Carrefour, Multikino multiplex, InterSport and RTV EURO AGD.
 
"Galeria Sloneczna is the dominant shopping centre in Radom serving a catchment area of up to 700,000 inhabitants. With its mix of tenants and various entertainment, gastronomic and fashion concepts, it can maintain its dominant position on the market for a long time and respond to the latest trends in e-commerce, "adds Tomáš Jandík, Member of the Board of Directors of REICO IS ČS.
 
ČS Real Estate Fund bought Galeria Sloneczna from Legend Eastern Europe Poland, part of the multinational White Star Real Estate LLC. The White Star Real Estate LLC portfolio includes a large number of major office, retail and logistics properties, particularly in the CEE region, but also in other parts of Europe.
 
With this acquisition, ČS Real Estate Fund will extend its portfolio to 13 buildings. Their total market value now exceeds € 730 million (CZK 19 billion).