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Union Investment acquires Ferio Konin

Ferio Konin
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Rockspring Property Investment Managers LLP (“Rockspring”) has sold Ferio Konin shopping centre to Union Investment. The seller was represented in this transaction by the global real estate advisory firm Cushman & Wakefield and Dentons law firm. Union Investment was advised on the deal by JLL and Hogan Lovells.

Ferio Konin is the dominant shopping centre in the region attracting a catchment of over 300,000 in and around the city of Konin (central Poland). Opened in 2008, it has 74 units on 35,585 sq m of retail space, extended in the years 2013-2014 by an additional 2,500 sq m. This development significantly improved the anchoring and helped create a balanced customer flow. The remodelling of the central food court also enhanced the centre’s appeal and strengthened Ferio’s market position. As a result, it is now fully leased, with an international tenant mix providing the full retail spectrum, anchored by fashion (H&M, C&A), supermarket (Intermarché), DIY (Castorama), electronics (Media Markt) and sports (Sports Direct). Ferio comprises a retail gallery with shops and services, a retail park dedicated to big-box operators, and additional facilities, including a McDonald’s restaurant and a petrol station. Situated only 5 km from the city centre, it offers 1,040 parking spaces. Thanks to the wide range of products and services, as well as excellent location just off the Warsaw-Berlin motorway, the centre boasts unrivalled performance and turnovers comparable with much larger cities. Outstanding year-on-year growth in all key performance indicators is a proof of the centre’s strong future potential for development, boosted by the ever-growing customer and tenant demand not matched by the limited competition within Ferio’s catchment. The shopping centre is also shortly to be awarded a “Very Good” BREEAM rating.

Rockspring Property Investment Managers LLP is a professional investment fiduciary specialising in the acquisition and management of commercial property throughout the UK and continental Europe on behalf of major institutional clients – either directly for single-client accounts or through Rockspring’s series of co-mingled investment funds.

Union Investment is an international investment manager for real estate with assets under management of 27.8 billion euros in 20 real estate funds. Private investors account for 21.7 billion euros across three retail funds. Currently Union Investment’s institutional business comprises two institutional funds and fifteen special funds with a total volume of 6.1 billion euros.

Kevin Muscat, European Director at Rockspring, said: “Having originated this investment off-market in 2010, we are delighted to have worked so successfully with retail specialist Balmain in delivering on such an active business plan and now to have completed the sale.”

Anthony Selman, Partner, CE Capital Markets at Cushman & Wakefield, said: “Ferio Konin is a prime retail asset and regional leader, well-positioned to ensure future growth and sustainable income. This sale sets a new benchmark for the Polish investment market in regional cities.”