PL

Poland Nepi Rockcastle buys Forum Gdańsk for EUR 250 mln

Retail & leisure
Nepi Rockcastle has acquired Forum Gdańsk shopping centre from Blackstone for EUR 250 mln. The acquisition represents one of the biggest single-asset shopping centre transactions by value in Europe and the largest in the CEE region in 2022.

The 63,500 sqm gla mall has been sold by Multi Veste 339, an entity ultimately owned by Blackstone-managed funds. This transaction follows Nepi Rockcastle's acquisition of the 48,000 sqm gla Copernicus shopping centre in Toruń in north-central Poland for EUR 127 mln in November.

We are long-term investors and are fundamentally confident that Central and Eastern Europe is a region that will continue to economically outperform Western Europe in relative terms in the future. Poland, the second largest market for the group’s operations, has a GDP growth rate that has been consistently, year-on-year, outpaced the EU average over the last decade.
One of the particularities of CEE retail markets compared to Western Europe is that the shopping centre sector plays a central role in the economic and community development of cities, because the retail ‘high street’ didn’t evolve in the post-war communist period as it did in the West. Forum Gdańsk, with its striking architecture and dominant position in the centre of the city, is the epitome of this type of CEE shopping centre trophy asset for all the best reasons.
Rüdiger Dany, the CEO of NEPI Rockcastle

Forum Gdańsk covers a six-hectare canal-side location right next to the old town that attracts more than 1 mln tourists each year. Around 840,000 people live within a 30-minute drive of the mall. It offers 1,100 parking spaces, while around a third of the site consists of green areas that have been planted with trees and shrubs.

The centre opened in 2018 and has a current occupancy of around 93 pct, with anchor tenants including Eurospar, Helios, H&M, Reserved, TK Maxx, Van Graaf and Zara.

Nepi Rockcastle was advised by Linklaters and Blackstone by Simpson Thacher & Bartlett LLP, Greenberg Traurig and CBRE.

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