Oppenheim acquires €132m retail properties in Central Europe
6 Aug, 2007, Poland
Property investment company Oppenheim Immobilien-Kapitalanlagegesellschaft (Oppenheim) has acquired its first retail properties in Central and Eastern Europe following the purchase of a portfolio of two hypermarkets as well as a third hypermarket with an adjoining shopping gallery from GE Real Estate in Poland.
The two hypermarkets are in Gdańsk and Sosnowiec, with the adjoining shopping galleries owned by London-headquartered property company Dawnay, Day, and the third hypermarket, with adjoining shopping gallery, is in Zabrze, in southern Poland.
The properties were purchased for a total €132mn. They offer a total gross lettable area of 66,595 sq m, of which 55,259 sq m comprises hypermarket space and 11,336 sq m is shopping gallery space. All three hypermarkets are anchored by real,-, part of the Metro Group, one of Europe’s largest retail companies.
Oppenheim is Germany’s leading operator of authorised open-ended funds, and with its majority shareholder, IVG Immobilien AG, Germany’s largest quoted property company, currently manage property assets with a total value of €18 billion.
Oppenheim was represented by Cushman & Wakefield and GE Real Estate by Jones Lang LaSalle.
Rory Houston, Oppenheim’s European Retail Director, commented, “This acquisition forms part of Oppenheim’s continuing strategy of increasing our retail assets under management in selective markets where we foresee long term growth prospects and combine this with our asset management skill base. Oppenheim’s Spezialfonds are aggressively seeking to expand their retail portfolios across Europe and are delighted to have formed a further relationship with GE Real Estate in this instance.”
Michael Atwell, Partner and Head of Warsaw’s Capital Markets Group of Cushman & Wakefield, commented, “This acquisition provides Oppenheim with an excellent opportunity to enter the Polish retail market and acquire a portfolio of properties offering a stable income stream.”
For further information please contact:
Rory Houston, Oppenheim Property Fund Management Ltd, phone: +44 207 659 3114
Michael Atwell, Partner, Cushman & Wakefield, phone: + 48 22 820 20 20
Note to Editors:
Cushman & Wakefield is the world’s largest privately held real estate services firm. Founded in 1917, the firm has 201 offices in 55 countries around the globe, and more than 12,000 talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please visit the firm’s web site at www.cushmanwakefield.com
For further information, please contact:
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