POLAND The Galeria Malta mall in Poznań has been sold to Balmain. Eurobuild CEE has confirmed this information with the Balmain press office despite the fact that the original information released to the market on July 18th contained neither the price nor the buyer, but only that Balmain Asset Management had been appointed asset manager and that BSC Real Estate Advisors (which is part of the Balmain group), was its new property manager.
Most probably Balmain bought the centre from Neiman Netherlands (a company associated with Neinver), which according to a financial report dated July 10th 2018 held all 60,669 shares in the centre with a book value of PLN 30.33 mln. Earlier a 75 pct stake of the centre had been owned by Heitman European Property Partners IV (HEPP IV) with Neinver holding the remaining shares, but according to the report Heitman no longer featured as an owner.
Neiman Netherlands appointed Dentons to sell the centre to BEPI LLP Invest Limited (which is a company associated with Balmain Asset Management). According to the financial report the Galeria Malta SPV had long-term financial commitments of over PLN 100 mln as well as bank debts owed to Pekao and Bank Zachodni WBK of around PLN 420 mln. In 2017 the company made a loss of PLN 44 mln.
The price the centre was sold for remains unknown, but according to market rumour, it was no more than a minimal nominal sum.
Galeria Malta has 160 stores over an area of 54,000 sqm. It was opened in 2009 and Heitman bought a 75 pct stake in the centre in the following year.