Galardia Shopping Center in Starachowice (Central Poland), developed from a greenfield by Stage Capital and Sierra Balmain, has a new owner – Future Estate. The agreement finalizing the transaction was signed on September 26, 2024. Avison Young's investment team represented the seller as the exclusive sales agent. The price has not been disclosed.
Galardia is a shopping and entertainment centre in Starachowice offering ca. 18,000 sqm GLA. Opened in October 2014, it provides customers with access to over 50 stores and service points from Polish and international brands such as Reserved, Carry, Media Expert, Jysk, Rossmann, Smyk, Martes Sport, Empik, CCC, Mohito, House, Cropp, Sinsay, Pepco, Deichmann, Ochnik, and also features the first multi-screen Helios cinema in the region with four screens for over 600 viewers.
At the time of the construction of the facility, the property was owned by Stage Capital, a European financial investor focusing on commercial real estate in Central and Eastern Europe, and co-owned by Sierra Balmain. The latter company played a key role in the development of the new centre, providing expertise to Stage Capital in design, construction and leasing. Since 2014, Sierra Balmain has been responsible also for all aspects of asset management, property management, and leasing activities, positioning the centre as a leading retail destination in the local market. The centre opened with 98% of its space leased and achieved full occupancy in the following years.
“When we acquired the site in 2012, our intention was to develop Centrum Galardia with a tenant mix that would offer customers a broad range of shopping options",comments James Huckle, Partner at Stage Capital. "In 2023, Galardia welcomed 2.3 million customers and has experienced solid footfall and sales growth in recent years, with a notable boost following Kaufland’s opening in 2022. This exit underscores our belief in the Polish retail market and marks the conclusion of a successful investment with our operating partner, Sierra Balmain."
“Galardia Shopping Center is a great example of a well-performing shopping centre", comments Michał Ćwikliński, Regional Manager for the EMEA Region at Avison Young. "At the time of closing, it was fully leased to renowned tenants. Its excellent connectivity within Starachowice and neighbouring towns ensures consistent footfall and stable revenues. This transaction demonstrates that there is still strong market interest in acquiring larger, well-performing retail assets.”
