18 August 2016, Budapest – TriGranit, one of the largest fully integrated, real estate platforms in Central Europe, is pleased to announce that a preliminary agreement has been entered into to sell the Bonarka City Center in Krakow, to Rockcastle, a property company investing in retail centres in Central and Eastern Europe. The financial closure of the transaction will take place in the following months.
TriGranit purchased and re-cultivated a 19 ha abandoned area in the Podgorze district in Krakow, on which the mall, which has a total area of c.92,500 sqm, was opened in 2009. TriGranit developed, owned and managed the Bonarka City Center, which has become one of the most popular shopping centers 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 mall has steadily increased footfall numbers, and is one of the most visited destinations by Krakow residents.
Financial details for the transaction have not been disclosed.
TriGranit is one of the largest fully integrated, real estate platforms in Central Europe, owned by TPG Real Estate, 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, and 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 7 CEE countries and has won more than 40 highly prestigious international awards.
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.