Acquisition of Zakopianka finalised
Echo Polska Properties, advised by real estate advisor Savills, has finalised the acquisition of Zakopianka Retail Park in Kraków for EUR 53,3 million. The vendor is a real estate property fund managed by Tristan Capital Partners.
The preliminary agreement was signed in December 2016. The transaction excludes the Carrefour hypermarket and Castorama DIY store. The vendor is European Property Investors Special Opportunities 3 (EPISO3) managed by Tristan Capital Partners. Zakopianka Retail Park is the 24th property in the investment portfolio of Echo Polska Properties, which is part of the Griffin Real Estate – Oaktree – PIMCO capital group.
“This is a very good purchase for EPP due to the strategic location of Zakopianka in the southern part of Krakow” said Hadley Dean, President of Echo Polska Properties. “This transaction is consistent with the EPP strategy, which assumes purchasing dominant retail projects in its region with high footfall.”
“We are happy for the opportunity to advise Echo Polska Properties in acquisition of another retail scheme. Zakopianka Retail Park has stable position on the local retail market with a very high footfall index,” said Kamil Kowa, Director, Head of Valuation and Consultancy in Savills.
“We would like to congratulate Echo Polska Properties on another retail investment transaction. Acquisition of this shopping centre proves that commercial real estate market in Poland and retail sector in particular is attractive to investors,” said Michał Ćwikliński, Managing Director, Head of Investment Department in Savills.
Located on Zakopiańska 62 street in Kraków, Zakopianka Retail Park was the biggest retail scheme of this type in Poland while opened in 1998. It was built on the ground of the former Solvay Sodium Works. The subject of the transaction is the 27 500 sq m of retail space. Tenants of the property include: Cinema City, Decathlon, Euro RTV AGD, Intersport, Jysk, Komfort and Reserved.
Press release by Savills.