The fund has acquired Turawa Park shopping centre in Opole, Poland, from abrdn although the purchase price was not disclosed.
Turawa Park is a multi-format shopping centre with more than 60 stores; it includes a gallery with an area of 18,031sq m, a retail park – 8,040sq m, a DIY-format store area – 9,067sq m and 1,320 parking spaces. At the time of the acquisition, the total vacancy rate was 29 per cent. Turawa Park’s anchor tenants are such well-known brands as Carrefour, Reserved, Sinsay, Media Expert, Action, Smyk. Other tenants include Rossmann, Big Star, C&A, Pepco, Levi’s, Sephora and Deichmann.
“This is our fourth asset in Poland and we plan to continue scaling our portfolio in the Polish market where we have been present for more than five years. We see good prospects within the retail’s value-added segment that we operate in. In particular with a focus on non-prime retail parks and convenience shopping centres which have proved to be one of the most resilient classes during the pandemic. As for the deal itself, it was quite complex and I would like to thank abrdn team for their professional and balanced approach,” said Maxim Shkolnick, General Partner of Focus Estate Fund.