TriGranit completes sale of Bonarka City Center in Krakow to Rockcastle, announces property management contract
22 September 2016, Warsaw – TriGranit, one of the largest, fully integrated real estate platforms in Central Europe, is pleased to confirm the completed sale of Bonarka City Center (BCC) in Krakow to Rockcastle, a property company specializing in retail centres in Central and Eastern Europe.
TriGranit, which is owned by TPG Real Estate and was the developer of the popular shopping centre, will remain as the property manager for two years. In addition to managing BCC, TriGranit will remain active in Krakow and is currently developing three office buildings in the popular ‘Bonarka for Business’ (B4B) area.
“The Bonarka project is a great real-estate project from many aspects – the shopping centre was developed in the middle of the crisis and in a highly competitive market, turning a brownfield site into a new leading city district. After seven years of innovation and active property and asset management, Bonarka is one of the best shopping centres in the region, with consistent footfall, high end tenants, and potential for further growth. We are very happy to have such a highly professional, dynamic, and innovative new owner of BCC in Rockcastle” – said Árpád Török, CEO of TriGranit.
“We are very pleased by the momentum in the TriGranit portfolio since our investment a little less than one year ago. The development, management and sale of Bonarka City Center is a good example of how TriGranit has been able to create substantial value for the platform and its investors”- said Anand Tejani, Partner at TPG Real Estate.
TriGranit is proceeding with the development of the next phase of buildings in the B4B Class-A office complex in Krakow. Building F, the sixth building in the office complex in Krakow was launched this September. The eight-storey building has 10 000 sqm of gross leasable area, of which half has been leased before the official opening. Building F will host GlobalLogic and Luxoft, global providers of IT services. Building G will be ready at the beginning of 2017, and is already 100% leased. Due to increasing demand for new office spaces from the active BPO sector, TriGranit plans to deliver a further three office buildings in the coming years. At completion, the B4B project will consist of 10 buildings with a total area of 95.000 sqm.
About Bonarka City Center
TriGranit purchased and re-cultivated a 19 ha abandoned area in the Podgorze district in Krakow, on which BCC, which has a total area of 92,300 sqm, was opened in 2009. TriGranit developed, owned and managed the Bonarka City Center, which has become one of the most popular shopping centres in Poland, and one of the company’s flagship projects. Through a high-value tenant mix, unique customer programs and its innovative marketing tools, the centre has steadily increased footfall numbers, and is one of the most visited destinations by Krakow residents.
TriGranit, which is owned by TPG Real Estate, is one of the largest, fully integrated real estate platforms in Central Europe, focusing primarily on quality retail and Class “A” office buildings in strategic urban locations. TriGranit conducts a full spectrum of real estate activities, including acquisition, development, construction, as well as property and asset management. In its two decades of operation, TriGranit has developed nearly 50 landmark projects creating 1 million square meters of GLA in seven CEE countries and has won more than 40 highly prestigious international awards. www.trigranit.com
Rockcastle has primary listings on the Johannesburg Stock Exchange and the Stock Exchange of Mauritius. The company’s objectives are investing in retail assets in Central and Eastern Europe as well as listed real estate securities globally. Its operational office in Warsaw, Poland is responsible for the company’s direct real estate activities, including asset management, development and transactions.
About TPG Real Estate
TPG Real Estate is the dedicated real estate investment platform of TPG, a leading global private investment firm with over $70 billion of assets under management and 17 offices around the world. TPGRE includes both TPG Real Estate Partners (“TREP”), the equity investment platform, and TPG Real Estate Finance Trust (“TRT”), the debt origination and acquisition platform. Collectively, the two platforms have in excess of $6 billion of assets under management across TPGRE and other TPG-sponsored vehicles. TREP has invested approximately $3 billion of equity in North America and Europe since 2009 and focuses primarily on investments in real estate platforms and property rich companies. TRT is a balance sheet lender that originates large, transitional, floating rate first mortgage loans and select mezzanine loans secured by all major property types in major and select secondary United States markets. For more information, please visit www.tpg.com.