NEPI Rockcastle buys Polish shopping centre for €127m

CEE-focused retail investor-operator NEPI Rockcastle has acquired the Copernicus Shopping Center in Torun, Poland for €127 mln.

The company purchased the asset by acquiring 100% of the shares in Atrium Copernicus Sp. Zo.o., the entity that owns Atrium Copernicus Shopping Center, through its wholly owned Dutch subsidiary NE Property BV. The vendor is Atrium Retail Ltd.

The acquisition is part of NEPI Rockcastle’s investment strategy to increase the concentration of its portfolio in countries with investment grade rating and focus on core dominant properties.

NEPI said the deal would be funded from existing cash resources and is part of its strategy of increasing the concentration of its portfolio in countries with an investment grade rating and focus on core dominant properties. The purchase sum includes €2 mln for the adjacent development plot.

Copernicus Shopping Center (48,000 m2 GLA) is the dominant retail scheme in the city of Torun, located on the Vistula River, with a catchment area of close to 400,000 people (within 30 minutes’ drive).

The property has a BREEAM In-Use Very Good certification and an occupancy rate of 98%, including anchor tenants such as Auchan, H&M, Stradivarius, Media Markt, LPP, and Decathlon.

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