Eden into Focus

POLAND Ukrainian investor Focus Estate Fund has acquired the Park Handlowy Eden (Galeria Eden) retail park in Zgorzelec in Lower Silesia for an undisclosed sum.

The property was sold by DNB Assets Holdco. Law firm Czabański Gałuszyński i Partnerzy represented the buyer for this transaction. JLL has been appointed property manager of the centre.

Focus now intends to invest more than EUR 1.5 mln in repositioning the 8,500 sqm centre with the support of its development and leasing partner Młyn Retail Parks. Galleria Eden will continue to operate during the construction work, which will see the park modernised and expanded to 10,000 sqm gla. The main brands of the centre include Jysk, Komfort, Abra Meble, Pepco and Takko Fashion.

This is Focus Estate Fund’s second investment in Polish retail, after the Cyprus-registered fund acquired Galeria Sandomierz in 2017. Its portfolio also includes the Most Retail Park (acquired last year) and the Ostrava retail Park in the Czech Republic.

“The acquisition of this asset meets our investment criteria, contributes to our value-added investment strategy and is also a valuable addition to the fund’s portfolio, which is diversified across mid-scale retail properties in Poland and the Czech Republic. We plan to remodel the building within a year with our development partner, Mlyn. We are going to use contemporary trends in the retail space architecture in order to change the building’s format to a retail park. In our opinion, this will not only increase the floor space but also form a more mature real estate product for customers and increase its profitability,” commented Maxim Shkolnick, a partner of Focus Estate Fund.

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