Dentons advised G City Europe on divestment of local retail shopping center
Dentons has counselled G City Europe (formerly: Atrium European Real Estate) on an original treaty inference with NEPI
By : Legal Era
Update: 2022-11-17 02:45 GMT
Dentons advised G City Europe on divestment of local retail shopping center
Dentons has counselled G City Europe (formerly: Atrium European Real Estate) on an original treaty inference with NEPI Rockcastle for the sale of 100 per cent of shares in Atrium Copernicus Sp. z o.o., a company holding Atrium Copernicus Shopping Center In Toruń.
The €127 million transaction is anticipated to be closed by the end of 2022.
Atrium Copernicus Shopping Center, the most prominent shopping centre in Toruń offers 48,000 sq.m. GLA. It has a great tenant mix of Polish and international fashion brands. The property has a high 98percent occupancy rate and is well positioned for future growth, both organically and through further value enhancement and extension potential.
The shopping mall in the medium term is anticipated to generate an annual net operating income of €9.6 million. The BREEAM certified building enjoys a strategic location with outstanding prominence, accessible from all city districts.
As part of its strategy, G City Europe sold the property to move its portfolio toward large, high-quality dominant shopping malls in prime urban locations to capitalise in a new class of assets (PRS – private rental sector).
The transaction was headed by partner Jacek Jezierski and supported by senior associate Alicja Puławska and associates Zuzanna Soboń and Damian Lewandowski.