Poznan’s success story continues
(TriGranit) and PKP (Polish State Railways),
has successfully sold Poznan City Center. The recently opened award winning 58,000 sqm GLA (164,000 sqm GBA) shopping centre was purchased by Resolution Real Estate Fund IV and ECE Prime European Shopping Centre Fund.
The TriGranit-developed shopping centre opened for trading in October 2013, less than two years after the start of its construction. It incorporates a new bus terminal and railway station, creating a central transport hub for the benefit of Poznan residents and visitors alike.
Since its opening, the new shopping centre has welcomed nearly 5 million visitors in just over four months, an average of more than 40,000 people per day. The centre’s retail and leisure offer encompasses 230 units, with key tenants such as the Inditex brands, Saturn, Sportsdirect, Toys “R” Us, TK Maxx and H&M, just to mention a few.
The project has received numerous international awards: European Property Awards – 5 star award for Best Mixed-Use Development in Poland and highly commended for Best Retail Development; EuropaProperty CEE Green Building Awards – Project of the Year, Mixed-use Project of the Year, and Retail Project of the Year; CEE Retail Real Estate Awards – Retail Project of the Year.
TriGranit was chosen by PKP to revitalize and renew Poznan’s main railway station in 2007, following a competitive tender process with several other real estate development companies. In February 2012, Europa Capital became TriGranit’s joint venture partner for this Public Private Partnership project where PKP contributed the land and the Europa Capital -TriGranit joint venture contributed the necessary financial capital and expertise to see this phase through to completion. The development was financed by a consortium of banks including Bank Zachodni WBK, Nordea, BRE Bank, Raiffaisen and Hypo Noe.
Europa Capital has been involved in approximately €1 billion of European real estate transactions over the last twelve months, including significant disposals for Europa Fund III, which was raised in 2007 and 2008 with €731 million of equity commitments from international investors.
Robert Martin, Principal at Europa Capital said: “Poznan City Center is an excellent example of how Europa Capital works for its investors in combination with highly experienced local partners to deliver exceptional assets, and then crystallises the value created through sale to the institutional market.”
Árpád Török, CEO of TriGrant Development Corporation added: “Poznan City Center has proved to be a huge success. The center constantly receives international recognition. As the leader and developer of the project, we have achieved an outstanding return for not only our shareholders, but also for all our joint venture partners. We developed the main train station of Poznan in record time and construction of the shopping center was completed in 18 months. With the completion of Poznan City Center, the total value of TriGranit developed projects in Poland exceed 1 billion euros. Poznan City Center today is the most frequently visited shopping and entertainment center in the city. We plan to start development of the third phase of the project in the near future, which will comprise Class A offices and a 3-star hotel.”
Jarosław Bator, Managing Director for Real Estate of Polskie Koleje Państwowe S.A.
Poznań City Center is a truly innovative project. The integration of the railway station with regional bus and city transportation has created a modern transportation hub within the city center of Poznań.
The proximity of the shopping center, along with the transportation services offers a wide range of additional services, located in one place.
The final plans for Poznan involve the construction of footbridge which will integrate all parts of the railway station.
Our main goal is to create railway stations which are landmark destinations.
About Poznan City Center:
- 230 retail units
- 164,000 square meters GBA
- 385 million Euros investment (including tenants’ investments)
- PKS coach terminal with 19 bus platforms
- Three-story park & ride facility for public transport commuters accommodating 1,500 parking spaces
- The passenger traffic from the railway station alone amounts to over 17 million annually
- The coach terminal attracts 7 million passengers annually
- 2.5 km new road network in the transportation junction
- Close vicinity to Poznan’s International Trade Fair, and to the city’s 25 educational facilities, including schools and universities
About Europa Capital:
Since 1995, Europa Capital’s Principals have collectively raised 7 real estate funds and committed to over 80 transactions totalling some €8.0 billion across 18 European countries.
The Europa Funds benefit from Europa Capital’s established network of partners across Europe who co-invest in acquisitions made by the Europa Funds. These country and joint venture partner relationships in some cases extend back more than 20 years.
Further information can be found at www.europacapital.com.
Europa Capital is a member of The Rockefeller Group (“RGI”). RGI is a strategic investor alongside Management. Europa Capital Partners LLP and Europa Capital LLP are authorised and regulated by the Financial Conduct Authority.
The more than 17 year old TriGranit is the largest fully integrated regional real estate investment, development, and management company in Central and Eastern Europe. With operations in 9 countries in Central and Eastern Europe, a large portfolio of completed trophy assets, and a pipeline of over 4 billion Euros of major mixed-use developments, as well as a number of public private partnership (PPP) investments, TriGranit is well positioned to participate in the expanding real estate markets. www.trigranit.com
PKP S.A., established on 1 January 2001 as a result of the commercialisation of the Polish State Railways, is the owner and manager of a substantial part of the railway station infrastructure in Poland. It manages 2,500 railway stations and owns, among others, 100,000 parcels of real estate, of which approx. 10,000 have commercial potential and are planned to be put up for sale or commercial development in cooperation with private investors. www.pkpsa.pl/en/
For further information, please contact:
TriGranit Development Corporation
Daniel Pazsitzky, +36 1 374 6542, firstname.lastname@example.org
RLM Finsbury: Gordon Simpson/ Charlotte Whitley/ Claire Scicluna, +44 207 251 3801
Katarzyna Mazurkiewicz, +48 22 47 49 016, email@example.com