Invesco Real Estate, the global real estate investment manager, has acquired two prime shopping centres - Galeria Kazimierz in Krakow, Poland and Queensgate Shopping Centre in Peterborough, UK, together representing a total investment of c.€425m and c.120,000 sqm of total space.
Invesco Real Estate, the global real estate investment manager, has acquired two prime shopping centres – Galeria Kazimierz in Krakow, Poland and Queensgate Shopping Centre in Peterborough, UK, together representing a total investment of c.€425m and c.120,000 sqm of total space.
The acquisitions were made on behalf of IRE’s flagship pan-European, open-ended fund, thus bringing the fund’s total assets under management to c.€1.3bn.
Paddy Bingham, Senior Director – Fund Management comments: “We are delighted to have secured these two dominant shopping centres, which complement the fund’s portfolio well by continuing to focus on the strong real estate fundamentals of high quality properties in good locations.
“Our research suggests that the UK and Poland are currently two of the strongest investment markets in Europe, thus cementing our decision to buy what we believe are the right assets in the right markets, at the right time.
“The acquisitions continue our theme of buying retail assets where we are able to pursue active asset management opportunities by our “on-the-ground” asset management teams. We believe there is potential to improve the tenant mix, physical areas and marketing strategies of both assets in order to reinvigorate and increase operating income.”
Galeria Kazimierz is a 38,273 sqm shopping centre located in Krakow CBD, Poland’s second largest city, within the historical Kazimierz district, one of the city’s top tourist destinations and easily accessible by public transport.
The asset offers a good mix of tenants with strong international brands across 140 stores, including Alma, H&M, Zara and C&A as well as a food court and cinema.
Queensgate Shopping Centre, a 80,140sqm dominant shopping centre in Peterborough in the east of England consists of 110 shops and restaurants anchored by John Lewis, Primark, BHS, Boots and Marks and Spencer, in addition to strong fashion retailers. Queensgate provides approximately 50% of the total retail floorspace in the city and is the dominant centre.
CBRE represented IRE in the acquisition of Galeria Kazimierz, while DTZ represented IRE in the acquisition of Queensgate.