The Curzon Funds group is buying Galeria Pestka in Poland for EUR 85 mln from Walther Beheer, a Dutch property development subsidiary of Germany's Moebel Walther. The shopping centre is under construction in the city of Poznan and will be added to the PBW II Real Estate Fund run by Curzon's real estate investment manager IXIS AEW Europe.
The Curzon Funds group is buying Galeria Pestka in Poland for EUR 85 mln from Walther Beheer, a Dutch property development subsidiary of Germany's Moebel Walther. The shopping centre is under construction in the city of Poznan and will be added to the PBW II Real Estate Fund run by Curzon's real estate investment manager IXIS AEW Europe.
Galeria Pestka is due to open in spring 2008 and will comprise 40,000 m2 of retail space and 'substantial parking', Curzon said. The centre is 70% pre-let and the tenants include Carrefour, Saturn, Praktiker and C&A.
The PBW Real Estate Funds is the follow-on funds to the core-plus Central European closed-ended PBW 1 Real Estate Fund, which has an existing portfolio of more than EUR 600 mln in assets. The fund's properties, with a total of 2000,000 m2, are located in Budapest, Warsaw and Prague.
