Real Estate Central Europe Group has finalised its sale of eight retail and service schemes totalling more than 16,000 sq m to Dutch investment fund Arcona Property Fund. Cushman & Wakefield, a global real estate services firm, represented the vendor in this transaction.
RECE Group is a Norwegian holding business founded in 1999 by Real Estate Central Europe AS as a development company which builds and operates convenience shopping centres branded Skwer Handlowy. This retail concept involves large food operator retailers as Piotr i Paweł, Biedronka or Tesco and a number of small stores ideally tailored to shopping needs of local residents. Following the disposal of the portfolio comprising eight assets in Gdańsk, Głogów, Grudziądz, Inowrocław (two schemes), Kalisz, Piotrków Trybunalski and Słupsk, RECE Group remain owner of retail schemes in Łódź, Toruń and Bydgoszcz to be also acquired by Arcona Property Fund. Transaction is expected to take place during 1st quarter 2017.
Arcona Property Fund N.V. is part of Arcona Capital, an independent real estate fund managing more than EUR 380m of real estate assets across ten countries in Northern and Central Europe on behalf of both private and corporate clients. Arcona Property Fund N.V. invests in commercial properties in Central Europe. Shares of the Fund are traded daily via Euronext Amsterdam as shares in a closed-end investment fund.
Mira Kantor-Pikus, Partner, Director of Strategic Advisory responsible for structured financing and fund advisory, Capital Markets, Cushman & Wakefield Poland, said: “A portfolio of geographically diversified retail properties with a varied tenant mix is an attractive investment product for investment funds and a financial product that is readily accepted by banks.”