Rockcastle Global Real Estate, a property company specialising in retail centres in Central and Eastern Europe has finalised the acquisition of Bonarka City Center in Cracow, for EUR 361 mln from TriGranit (TPG).
“Savills are proud to have represented Rockcastle in the acquisition of this market leading asset in Poland. We congratulate them in taking over one of country’s prime shopping centres which has been growing consistently since opening in 2009. It is very likely to be the largest single property investment transaction in Poland this year,” comments Michał Ćwikliński, Managing Director and Head of Savills Investment Department.
“We are very pleased to add Bonarka City Center to our premium retail portfolio in CEE. Its dominant size, strategic location in Kraków and substantial growth potential make it a perfect match for our long-term strategy. Rockcastle still has significant financial capacity to acquire dominant retail centres in Poland and CEE, comments Spiro Noussis, CEO of Rockcastle.
This is not the first time for Savills to be advising Rockcastle in a successful purchase since entering the Polish market. This transaction follows the previous acquisitions by this investor of Galeria Solaris as well as Karolinka and Pogoria shopping centres.
Bonarka City Center comprises of ca. 91,000 sq m and was opened in November 2009. The investment is located in Cracow, in the Podgorze district, between Kamieńskiego and Puszkarska Street. The shopping centre consist of 270 units, including anchors tenants such as Peek & Cloppenburg, Zara, H&M, Reserved, Cinema City and more than 30 restaurants. The facility provides 3,200 free parking spaces.