WARSAW, 12 June 2014 – The CBRE European Shopping Centre Fund (“ESCF”), managed by CBRE Global Investors, has acquired the Galeria Mazovia Shopping Centre, in Płock, Poland at a yield of 7.9%. The vendor is a private investor.
The 28,485 sq m shopping centre, located on a major arterial route within Płock, was built in 2010. The modern scheme has underground parking for circa 670 cars and comprises two floors of retail which is 99% occupied to a high proportion of international retailers (50%) including H&M, Zara, Bershka, Media Markt, Deichmann and New Yorker.
Galeria Mazovia represents the sixth shopping centre for the Fund and the first transaction in Central Europe for ESCF (taking the total ESCF assets under management to over €500 million).
Florencio Beccar, Fund Manager, ESCF, CBRE Global Investors said: “ The Mazovia acquisition provides us with a core, low risk and well occupied centre at an attractive yield. It is a great fit for the Fund’s portfolio – not only does it assist with our diversification requirements, it means we have also obtained exposure to Poland, one of the strongest markets in terms of GDP growth expectations in Europe.
“We are confident that this scheme will perform well for our investors – the asset has a solid track record and it combines a high income return with opportunities for rental growth as a result of strong tenant performance.”
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CBRE Global Investors is a global real estate investment management firm with $90.2 billion in assets under management* as of March 31, 2014. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has approximately 44,000 employees in approximately 350 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of properties and real estate-related loans; securities portfolios; and investments in operating companies, joint ventures and in private real estate funds under its fund of funds program. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.