The total area of the centre, which was opened in April 2016, comes to 7,515 sqm with a gla of 6,126 sqm. At the time of the transaction, the vacancy rate was about 3 pct, and its main tenants now include Biedronka, Jysk, KIK, Deichmann, and ABRA.
The deal was brokered by Kyhos Real Estate with legal advice from Czabański Gałuszyński i Partnerzy. JLL has now been appointed property manager.
“We continue to follow our strategy of diversifying our investment portfolio, by acquiring properties not only in different geographical parts of Poland and the Czech Republic, but also by adding small shopping centres to retail parks,” stated Maxim Shkolnick, a partner of the Focus Estate Fund.
“We congratulate Focus Estate Fund for this new acquisition and look forward to taking on the management of Galeria Awangarda and adding it to our retail portfolio. Galeria Awangarda has an excellent location and the right anchors for convenience shopping,” stated Virginie de Baere, the head of property and asset management at JLL.
Focus Estate now owns five retail properties in Poland and the Czech Republic with a total leasable area of more than 34,000 sqm. Earlier this year Focus acquired the Eden retail park in Zgorzelec and is planning to invest more than EUR 1.5 mln in its reconstruction”.