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Futureal sells Polish Nova Park shopping mall for EUR 88.5 mln

Deals

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Hungarian real estate firm Futureal Group has sold its Polish retail asset, Nova Park to a joint-venture formed by MAS Real Estate Inc. and Prime Kapital Limited for EUR 88.5 million, according to a press statement sent to the Budapest Business Journal.

The joint venture between MAS and Prime Kapital will own Nova Park. Prime Kapital, which sourced the deal, will also manage the shopping center. The purchase of the mall is the joint venture’s first acquisition in Poland.

Nova Park opened in April 2012 as a joint investment of Caelum Development and Futureal Group in central Gorzów in western Poland. Over the last four years it has become the largest shopping center in the region with a catchment area of 370,000 people. The mall has a current gross leasable area of 32,580 sqm and accommodates 140 shop units, including 14 restaurants and a multi-level car park for 910 cars.

“In 2011, within two months, Futureal Group managed to implement a complex, structured investment and raise EUR 50 mln of development finance in the middle of the euro crisis,” said Gábor Futó, founder of Futureal Group. “During the successful partnership with our Irish partner, Caelum, we have together developed an asset that went on to become the dominant shopping center in the region.”

By 2014 Futureal Group had gained 100% ownership of the mall. Nova Park has realized a growing turnover of more than 10% per annum since 2012 and has received a building permit for a 6,800 sqm gross leasable expansion. The project also won the CIG Best Retail Development of the Year award in 2012.

Nova Park’s tenants include a mix of national and international brands including, among others Bershka, C&A, Deichman, Douglas, H&M, Intersport, KFC, New Yorker, Pull&Bear, and Rossmann.

“This successful acquisition is an important step in achieving our strategy to deliver sustainable growing income distributions through exposure to dominant assets in Central and Eastern Europe and Western Europe,” commented Lukas Nakos, CEO of MAS. “This investment, as part of our joint venture with Prime Kapital, is a good example of the synergy created by the two businesses which are being leveraged to generate growing income through active asset management and redevelopment.”

Victor Semionov of Prime Kapital added: “In addition to the immediate income being generated by the property, the acquisition provides significant opportunities to enhance the income stream and further strengthen the mall’s dominance through active asset management and a substantial extension, aligning with the group’s strategy of delivering growing income distribution.”

Jones Lang LaSalle, a global real estate services firm, provided advisory services and acted as the exclusive agent during the transaction process.

“As one of the largest developers in Central and Eastern Europe, Futureal stays committed towards the Polish market. We are continuously looking for investment opportunities in the commercial real estate sector as an independent player or part of a joint venture. We see enormous potential in the country,” said Tibor Tatár, CEO of Futureal.

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