Deutsche fund buys Polish mall for €297m
Grundbesitz Europa, an open-end real estate fund of Deutsche Asset & Wealth Management, has purchased Stary Browar, a retail mall located in Poland, for €297 billion ($313.7 million). The seller was Poland-based developer Fortis.
Stary Browar is visited by nearly 10 million people per year. There are 220 shops, restaurants, bars and cafes, cinemas, music clubs, offices, medical center. It totals 505,904 square feet of retail space; 51,129 square feet of office space; 75,347 square feet of events, exhibition and warehouse space; and 1,000 parking spaces. Currently, the largest tenants include H&M and Inditex Group.
Grundbesitz Europa currently has €4.8 billion ($5.1 billion) of assets, consists of 52 properties, seven of which are located in Poland.