Unibail-Rodamco takes over Simon Ivanhoe’s portfolio

In a transaction worth EUR 715 million, France-based Unibail-Rodamco purchased from Simon Ivanhoe a portfolio of six shopping centers, including CH Arkadia and CH Warszawa Wileńska in Poland, and four shopping centers in France; part of the deal is also a 50-percent stake in five development projects in France.

Thanks to this transaction Unibail-Rodamco now owns three biggest shopping centers in Warsaw (apart from the said CH Arkadia, the group also owns a 50-percent stake in Galeria Mokotów and has a stake in CH Złote Tarasy). “CH Arkadia is a very interesting investment product, sought by many investors. Given its size, catchment area, tenant mix and the level of lease rates, the center has a great potential for growth,” Marek Paczuski, Associate Director at DTZ Polska commented on the news. “I expect that the yield use to estimate the value of CH Arkadia was below 7 percent,” added Mr. Paczuski.

It is another transaction of such type in the last several weeks. In mid January, MGPA Europe Fund III paid EUR 236 million for three shopping centers – CH Karolinka in Opole, CH Pogoria in Dąbrowa Górnicza and an option to buy CH Jantar in Słupsk. At that time, it was the biggest transaction of such type in the last two years. “Since the beginning of this year we have observed a growing confidence and greater interest in the Polish commercial real estate market among investors. This is the result of a stable economic situation in Poland,” believes Mr. Paczuski.