Blackstone completes €37 million acquisition of Galeria Tęcza in Kalisz from Rank Progress (PL)

Blackstone completes €37 million acquisition of Galeria Tęcza in Kalisz from Rank Progress (PL) Friday 10 February 2012
On 8 February 2012, Blackstone’s real estate funds completed the acquisition of the Galeria Têcza shopping mall in Kalisz from Rank Progress S.A. The value of the transaction was €37 million. Galeria Têcza is joining King’s Street Retail, a collection of high quality Polish shopping centers owned by Blackstone, which so far includes Magnolia Park in Wroclaw, Galeria Twierdza in Klodzko, Galeria Twierdza in Zamosc, Galeria Pestka in Poznañ, and Wzorcownia in Wloclawek.
Galeria Têcza opened in October 2011. The combined GLA of all the shopping centres in the portfolio of King’s Street Retail including Galeria Tecza is over 200,000 m². Opened in October 2011, Galeria Tecza is conveniently located in the centre of Kalisz. With a GLA of 16,100 m² and 250 parking spaces, the scheme is the city’s foremost retail destination drawing over 100,000 visitors on its opening weekend and over 500,000 visitors during the first month. Galeria Tecza is nearly 100% leased, and offers a strong tenant mix including: H&M, RESERVED, SMYK, CROPP, House, Empik, CCC, Douglas, ROSSMANN, Media Expert, and many others. The centre also offers diversified entertainment and leisure facilities, including a five-screen state of art 3D Cinema as well as a full food court. Galeria Tecza, like the other properties within the King’s Street Retail portfolio, is managed by Master Management Group, a leading retail space manager and developer in Poland. “We are excited about Galeria Tecza joining King’s Street Retail, as we see tremendous growth potential for this brand new, perfectly located mall. Our objective is to deliver the best retail experience to the customers, in order to maximize the footfall so that tenants can achieve strong turnovers,” said Paul Kusmierz, Principal of Master Management Group. Source: Questia sp.