TriGranit Development Corporation together with Heitman European Property Partners IV (HEPP IV) today announced a joint venture for the ownership of the Arena Centar Shopping Center in Zagreb, Croatia.
Both TriGranit and HEPP IV will hold a 50% stake in this newly developed, landmark (180,000 square meters GBA) shopping center, whose 60,000 square meters dedicated to 220 individual retail units are already 95% leased. The transaction includes two land plots for a future potential extension of the retail center and the development of a mixed-use project including office, residential units and a congress center.
“The Arena Centar joint venture deal directly follows on the heels of HEPP IV’s recently announced joint venture of the Galeria Malta Shopping Center in Poznan, Poland. With €505 million in equity commitments, HEPP IV is the fourth and latest in a series of European value-added property investment funds managed by Heitman, which has been active in the region since 1995,” said Gordon Black, managing director of Heitman’s European private real estate equity group.
“We have developed and financed the first two phase of our Zagreb project (arena and city center) in a very challenging time and environment. Arena Centar is another proof that there is significant demand for quality projects in the region. We’ve chosen Heitman because we are convinced that with their experience and capital base we’ve found a long term strategic partner. TriGranit will continue city center development now with great focus on Ljubljana and Poznan,” commented the transaction Árpád Török, CEO of TriGranit Development Corporation. (BBJ)