Carpathian has acquired a 5,500m[sup]2[/sup] plot of land adjoining the firm's Promenada shopping centre in Warsaw. The plot comprises 2,300 m[sup]2[/sup] of existing retail space anchored by a Go Sport unit and 61 car parking spaces.
Carpathian has acquired a 5,500m2 plot of land adjoining the firm's Promenada shopping centre in Warsaw. The plot comprises 2,300 m2 of existing retail space anchored by a Go Sport unit and 61 car parking spaces.
The transaction involved Carpathian buying 100% of the share capital of Poldrim, the owner of the land, for EUR 6.2 mln. Poldrim generates annual net operating income of approximately EUR 395,000, equating to a yield on acquisition of approximately 6.4%.
Carpathian said the Poldrim property completes the ownership of Promenada, one of the company's largest and most valuable assets. Promenada now comprises over 55,000 m2 of prime retail and office space.
'This is a strategic acquisition for Carpathian, unlocking marriage value and future asset enhancement and new development opportunities, benefitting the value and liquidity of the larger Promenada project,' the company said.
The acquisition forms an important step in the process of extending and restructuring its debt facilities with Hypo Real Estate.
