Blackstone sells shopping center in Poland for €250m

NEPI Rockcastle, central and eastern Europe’s largest listed owner, developer and manager of shopping centers by portfolio market value, has acquired the Forum Gdańsk Shopping Center in the northern Polish port city for €250 million ($265 million).

The property, covering 63,500 square meters (683,500 square feet) gross lettable area (GLA), was sold by Multi Veste 339 B.V., which is an entity ultimately owned by Blackstone-managed funds.

The acquisition represents one of the biggest single-asset shopping center transactions by value in Europe and the largest in CEE in 2022. The deal was funded from NEPI Rockcastle’s cash resources and credit facilities, and it is accretive to its distributable earnings. This transaction follows the company’s acquisition of the 48,000-square-meter-GLA (517,000-square-foot-GLA) Copernicus Shopping Centre in Toruń, in north central Poland, for €127 million ($135 million). That acquisition was announced in November and becam