AMSTERDAM: NEPI Rockcastle N.V. through its wholly owned subsidiary NE Property B.V., acquired all the issued shares in Forum Gdansk sp zoo, owning Forum Gdansk Shopping Centre, from Multi Veste 339 B.V., ultimately owned by Blackstone-managed funds.
The effective date of the Transaction is 19 December 2022. The aggregate purchase price for the transaction is €250 million, of which €50 million comprises vendor financing payable by NEPI Rockcastle within a maximum period of three years, at a fixed interest rate of 6.5%.
The transaction encompassed the repayment of all the outstanding debt of Forum Gdansk. Forum Gdansk is a 63,500 m2 gross lettable area (GLA) shopping center, situated in Gdansk, the sixth largest city in Poland by population, with over 470,000 inhabitants.
Gdansk, together with the cities of Gdynia and Sopot, comprise the ‘Tricity region’, considered to be one of the Poland’s largest, wealthiest and fastest growing urban agglomerations.
The acquisition represents one of the biggest single asset shopping center transactions by value in Europe in 2022 and is accretive to the Group’s distributable earnings. The Transaction is in line with NEPI Rockcastle’s investment strategy to increase the concentration of its portfolio in countries with investment grade rating and focus on core dominant properties.
With a catchment area of over 840,000 people (within 30 minutes drive), the Property enjoys a strategic location in the city, with excellent visibility and access from all city districts.
Forum Gdansk has a BREEAM In-use Excellent certification and an occupancy rate of 93%, including anchor tenants such as Eurospar, H&M, Helios, Reserved, TK Maxx, Van Graaf and Zara. The Property has outstanding operational performance and is well positioned for future growth, both organically and through further value enhancement.
“Forum Gdansk represents a compelling investment opportunity. We strongly believe in retail real estate and its positive outlook, despite concerns over the macroeconomic context and potential slowdown as a result of the rising inflation and interest rates. We are long-term investors and we are confident that fundamentally Central and Eastern Europe is a region that will continue to show further economic growth in the future,” Rüdiger Dany, CEO.