Heitman Forms JV with TriGranit
Heitman, on behalf of the Heitman European Property Partners IV fund (HEPP IV), has taken a 50 percent stake in the Arena Centar Shopping Centre in Zagreb, Croatia. The remaining 50 percent stake will be retained by Hungary-based TriGranit Development Corp, which developed the property.
“The Arena Centar joint venture deal directly follows on the heels of HEPP IV’s recently announced joint venture of the Galeria Malta Shopping Center in Poznan, Poland,” says Gordon Black, managing director of Heitman’s European private real estate equity group.
“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 Heitman,” Black adds.
Arena Centar comprises 180,000 square metres GBA, including 60,000 square metres of retail space that is 95 percent let. Tenants include Zara, Gap, Apple Stores, Esprit and Swarovski, as well as south-east Europe’s first IMAX theatre. In a