The recently completed retail Park Andrychów development by Equilis and Acteeum has been sold to the Israeli company BIG Shopping Centres for €40 million.
The proceeds of the sale will be reinvested in the development of the Polish operations of both Acteeum and Equilis. This is one of the biggest transaction on the Polish commercial real estate market in this year.
Galeria Andrychów is the largest retail park opened in Poland in 2021. The gallery has a leasable area of 24,000 m², with over 30 stores, including Lidl supermarket, DIY Leroy Merlin construction market, electronics and household appliances store, drugstores, clothing and shoe stores. The Power Center Galeria Andrychów, is Equilis’ second investment in Poland. Equilis also completed Galeria Chełm in Poland in 2020.
“Our joint business model with Acteeum in the retail real estate segment assumes the construction, commercialization and subsequent sale of retail projects. That is why we are glad that Galeria Andrychów was sold to BIG Shopping Centres and it is in good hands. The excellent location of the retail park and its growing popularity among the residents of Andychów, the vicinity of Krakow and Bielsko-Biała make us confident about its future development. Our investments, including Galeria Chełm, are being developed in attractive locations, tailored to local needs. At Galeria Chełm, a record was set for visitors – more than 1.6 million people crossed the thresholds of Galeria Chelm, the same number as in all of 2021.” – said Anna Dużyńska, President of the Management Board of Equilis Poland.
The company intends to use the funds obtained from the sale for further developments in Poland.
“The generated profit will be used for the acquisition of commercial real estate, or the purchase of plots for retail parks, which we will build, commercialize and sell. A retail park is a format that works well in the suburbs of agglomerations and in smaller towns. Moreover, we know that there are investors who choose valuable project with potential further development and we can also reach them. But we are not limited to the commercial segment. Already within the next year, we will start the implementation of residential projects in Warsaw”- added Anna Dużyńska.
“Galeria Andrychów was the largest retail park opened in 2021 in Poland. In 2021, the park won the prestigious «Future Project» award of the 13th edition of the EuropaProperty CEE Retail & Marketplace Award. Galeria Andrychów is completely commercialized, with lease agreements signed for 100% of the space. Since its opening on November 25, 2021 the power center has served the nearly 200,000 inhabitants of the city and the surrounding area. We see the success as an inspiration for the new schemes we are now preparing for the market” – said Tomasz Szewczyk, President of the Management Board Acteeum Central Europe.