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Joint Venture to Develop Central European Retail Portfolio

A joint venture, led by U.S. real estate investment firm Heitman, plans develop a €135 million portfolio of retail centers across Poland. The multi-national real estate investment firm will partner with Poland-based Polimeni International on the projects, which will be anchored by “hypermarkets” -- a large retail store that combines a drugstore, supermarket and discount store under one roof. The centers will range from 210,000 sq. ft. to 360,205 sq. ft.

“The joint venture with Polimeni reflects our confidence in the Central European property markets and our desire to increase our investment in retail properties in the region,” says Christopher Merrill, managing director of Heitman’s international private equity group.

With this venture, Heitman will own 23 shopping malls in Central Europe through its Central Europe Property Partners II investment fund.

Polimeni is involved in the pre-development and leasing phases of five projects, which will bring roughly 150,000 sq. meters of retail space to the market when completed. “More than six years ago, Polimeni International realized that economic and social conditions in Poland were ripe for retail development, and has been active in the region ever since,” says chairman and CEO Vincent Polimeni.

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