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Heitman Assumes 75% Ownership Stake in Poland’s Galeria Mall

Heitman Assumes 75% Ownership Stake in Poland’s Galeria Mall

Heitman European Property Partners IV (HEPP IV) has entered into a joint venture with NEINVER S.A. to own and manage the Galeria Malta Shopping Center in Poznan, Poland.

HEPP IV will own 75% of the center while NEINVER will assume the remaining 25% stake. The shopping center includes 581,000 sq. ft. of shop space and is 97% leased. As part of the deal announced in December 2010, NEINVER will continue to manage the retail center.

Leased to a variety of national and international tenants, the Galeria includes leisure facilities, mainstream fashion shops, and a high-end supermarket. No single tenant generates more than 5% of revenue for the center.

As one of the “big six” cities of Poland, Poznan holds strong demographic potential and there is a shortage of Class-A retail centers, according to Heitman. New residential and commercial developments being developed to the east of Poznan city center are expected to help generate demand for retailers at the Galeria.

With €505 million in equity commitments, HEPP IV is the fourth and latest in a series of European value-added property investment funds managed by Chicago-based Heitman, which has been active in the region since 1995.

"The Galeria Malta Shopping Center possesses many of the attributes we look for in our real estate investments,” says Otis Spencer, managing director and head of portfolio management of Heitman’s European private real estate equity group. “And we are very pleased to establish this joint venture ownership and management agreement with NEINVER — an experienced and like-minded pan-European property expert.”

Heitman manages over $21 billion in assts invested directly and indirectly in real estate in North America, Europe and Asia. The firm's clients include U.S. and international institutions, pension plans, endowments and foundations, and individual investors.

With over 40 years of experience, Spanish-owned NEINVER is an international real estate company focused on development in addition to asset and fund management. Among its projects in Poland, NEINVER developed and delivered the Galeria Malta Shopping Center in Poznan in March 2009.

NEINVER currently manages approximately 3.8 million sq. ft. of retail gross leasable space in 11 shopping centers and has been investing in the Polish market for eight years. The company is Europe’s second leading operator of retail outlet centers.

TAGS: News Retail
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