Echo Polska Properties is taking over Zakopianka shopping center in Kraków from a fund managed by Tristan Capital Partners for €54m. The deal does not include Carrefour and Castorama connected with the center as they are separately owned. Tristan acquired the center in 2013 as part of a 5-property portfolio acquisition from Australia’s Charter Hall Retail REIT, which is exiting the European market. The transaction is expected to close in the second quarter of 2017. Dentons law firm and Balmain Asset Management advised the seller, while Echo as advised by Linklaters and Savills.
“This property is in an affluent part of Krakow and is trading well. We have strengthened its performance over the past few years and improved the tenant mix. The offer from Echo Polska Properties now provides us with an opportunity to crystallise value for the fund’s investors,” said Karol Bartos, Executive Director at Tristan Capital Partners.
