PL

POLAND Stage Capital buys three malls from Pradera

Retail & leisure
Stage Capital has announced that it has acquired a portfolio of three Polish shopping centres for its second fund, Stage Capital Laurel II, from Pradera Central European Fund for an undisclosed sum.

The shopping centres changing hands between the two London-based investors are Pasaż Łódzki in Łódź (42,100 sqm), Galeria Nad Jeziorem (22,932 sqm) in Konin and Osowa (15,356 sqm) in Gdańsk.

The acquisition, which took place just before Christmas, was on behalf of Stage Capital Laurel II, Stage Capital’s second fund, and was backed from funds managed by Glendower Capital.

We are pleased to have acquired three well performing assets at attractive yields in a sector and region where we have much experience. In line with our overall strategy, we have provided a liquidity solution in a very complicated transaction and in a challenging sector. We continue to see a lot of potential in Poland and CEE, and are currently assessing further opportunities.
James Huckle, a partner of Stage Capital

Stage Capital was advised by Dentons (legal), Sierra Balmain (commercial and technical) and EY (financial and tax). Pradera was advised by Greenberg Traurig (legal), with the transaction being run by JLL.

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