AMSTERDAM: NEPI Rockcastle N.V. through its wholly owned subsidiary NE Property B.V., acquired all of the issued shares in Forum Gdansk sp zoo, proudly owning Forum Gdansk Shopping Centre, from Multi Veste 339 B.V., ultimately owned by Blackstone-managed funds.
The efficient date of the Transaction is nineteen December 2022. The aggregate buy price for the transaction is €250 million, of which €50 million comprises vendor financing payable by NEPI Rockcastle inside a most interval of three years, at a fixed rate of curiosity of 6.5%.
The transaction encompassed the repayment of all of the excellent debt of Forum Gdansk. Forum Gdansk is a 63,500 m2 gross lettable space (GLA) shopping center, located in Gdansk, the sixth largest metropolis in Poland by population, with over 470,000 inhabitants.
Gdansk, along with the cities of Gdynia and Sopot, comprise the ‘Tricity region’, considered to be one of many Poland’s largest, wealthiest and quickest rising metropolis agglomerations.
The acquisition represents one of many biggest single asset shopping mall transactions by worth in Europe in 2022 and is accretive to the Group’s distributable earnings. The Transaction is in line with NEPI Rockcastle’s funding strategy to extend the focus of its portfolio in countries with funding grade rating and focus on core dominant properties.
With a catchment space of over 840,000 people (within half-hour drive), the Property enjoys a strategic location inside the city, with excellent visibility and entry from all metropolis districts.
Forum Gdansk has a BREEAM In-use Excellent certification and an occupancy rate of 93%, collectively with anchor tenants such as Eurospar, H&M, Helios, Reserved, TK Maxx, Van Graaf and Zara. The Property has excellent operational efficiency and is well positioned for future growth, each organically and thru additional worth enhancement.
“Forum Gdansk represents a compelling funding opportunity. We strongly believe in retail actual property and its positive outlook, regardless of concerns over the macroeconomic context and potential slowdown as a results of the rising inflation and curiosity rates. We are long-term investors and we’re assured that fundamentally Central and Eastern Europe is a area that will proceed to present additional financial growth inside the future,” Rüdiger Dany, CEO.