Inter Ikea Centre Group Poland (IICG Poland) has completed the purchase of Wola Park shopping centre in Warsaw.
Inter Ikea Centre Group Poland (IICG Poland) has completed the purchase of Wola Park shopping centre in Warsaw.
The financial details were not disclosed.
Wola Park was acquired from PBW II, a fund managed by AEW Europe. The PBW II fund had acquired the Wola Park, then 40,000 m2, from Canada's Ivanhoe Cambridge in 2007 for more than €140 mln.
Wola Park is a fully leased shopping centre with 175 tenants, most of which are fashion retailers. The property has a total GLA of 61,850 m2, including an 18,130 m2 hypermarket owned by Auchan.
IICG Poland plans to build a 17,565 m2 extension to the existing centre. The company has all the necessary permits and plans to start construction in spring 2014. Castorama, the French DIY operator, will take over 10,000 m2 in the future extension.
Wola Park is the latest addition to IICG Poland’s portfolio of retail destinations. 'We are extremely satisfied that such an attractive shopping centre with enormous potential is now part of our portfolio. Once the planned extension is completed, Wola Park will be the second-largest shopping centre in Warsaw,' said Mikael Andersson, managing director of IICG Poland.
Colliers International advised IICG Poland on the purchase of Wola Park.
IICG Poland currently manages eight parks and shopping centres (including Wola Park) located in the six largest cities in the country. Two projects are currently under development: a new centre in Lublin and extension of Bielany Shopping Park in Wroclaw.
