Retail real estate transactions reach €885m at end of Q3 2011

2011-11-07



Transactions on the retail real estate market in Poland reached €885m at the end of Q3 2011, according to Jones Lang LaSalle. In all of 2010, that total was €1.07bn. Meanwhile, prime retail yields are estimated at 6%.
Transactions in Q3 2011 included the sale of the Magnolia Park shopping centre in Wroclaw by NFI Octava & Manchester Securities to the Blackstone fund for €222.5m. Elsewhere, a 50% stake in the Galeria Mokotow shopping centre in Warsaw was sold by GTC to Unibail-Rodamco for €273.5m, while Blackstone also acquired the Galeria Twierdza mall in Zamosc (Lubelskie voivodship) from Rank Progress for €44m.
The total value of real estate transactions in the retail, office, industrial and hotel sectors totalled €1.8bn at the end of Q3 2011, compared to €1.97bn in all of 2010. Jones Lang LaSalle expects the value of transactions to reach €2.25bn at the end of 2011.