Meyer Bergman increases ownership in Polish shopping centre to 70 per cent
Meyer Bergman has acquired an additional stake in Galeria Katowicka in southern Poland, having now completed the first phase of the centre’s development – the opening of a new railway station at Katowice.
The acquisition from its joint venture partner, NEINVER, marks the final commitment for Meyer Bergman’s first fund, Meyer Bergman European Retail Partners I, and increases its holding in the shopping centre to over 70 per cent.
NEINVER will continue to be responsible for the development and to be involved with the management of the asset after opening.
Galeria Katowicka is a new EUR200m retail-led mixed-use development at Katowice railway station in Poland. Centred on the city’s main square, the three-phase project is part of a major redevelopment and renovation of the Katowice railway station and bus terminus. Phase I concluded on 29 October with the delivery of the new, state of the art railway station. Phase II, the redevelopment of the bus terminus, is due to complete in the first quarter of 2013. The final phase, which comprises the delivery of a circa 250-store modern shopping centre with over 48,000 sqm of gross lettable area and up to 1,200 city centre underground car parking spaces, is expected to be completed in late 2013.
The centre has attracted a significant number of major international retailers including Zara, Mango, Top Shop, Pull and Bear, Bershka, Massimo Dutti, C&A, Sephora, Reserved, KappAhl, Deichman and Mohito.
Markus Meijer, chief executive and founder of Meyer Bergman, says: “The decision to increase our stake in Galeria Katowicka demonstrates our continued belief in the Polish market, whose economy has continued to outperform those of the Eurozone and the wider CEE region, along with the quality and potential of this asset in particular. We believe that the significant number of major international retailers we have secured in advance of the centre opening demonstrate its attractiveness as a retail destination. Moreover, with the first phase of the development compete, the project has become significantly de-risked, giving us confidence that this prime retail centre is well placed to deliver solid returns for our investors.”
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