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POLAND Opole mall comes into Focus

Retail & leisure
Ukrainian real estate investor Focus Estate Fund has acquired the Turawa Park shopping centre in Opole in southern Poland from Edinburgh-based investment management group Abrdn (formerly Standard Life Aberdeen) for an undisclosed sum.

Turawa Park was completed by developer Helical Poland in 2010 for investor Standard Life. It has 60 stores a total area of 35,138 sqm, comprising an 18,031 sqm gallery, an 8,040 sqm retail park and a 9,067 sqm standalone DIY store – as well as 1,320 parking spaces. Tenants include Carrefour, Reserved, Sinsay, Media Expert, Action, Smyk, Rossmann, Big Star, C&A, Pepco, Levi’s, Sephora and Deichmann. The total vacancy rate is 29 pct.

The transaction follows the acquisition by the Focus Estate Fund in previous years of shopping centres in Sandomierz, Zgorzelec and Bartoszyce.

This is our fourth asset in Poland and we plan to continue scaling our portfolio in the Polish market, where we have been present for more than five years. We see good prospects within the value-add retail segment that we operate in – in particular with a focus on non-prime retail parks and convenience shopping centres, which have proved to be one of the most resilient classes during the pandemic. As for the deal itself, it was quite complex and I would like to thank Abrdn’s team for their professional and balanced approach.
Maxim Shkolnick, the general partner of the Focus Estate Fund

BNP Real Estate, the manager of Turawa Park, brokered the deal, while B2R Law, CSWP, Dentons, CMS and Gleeds acted as advisors for this transaction.

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Edition 11 (283) November 2023

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