Purchasing a new asset – Wars Sawa Junior in the center of Warsaw (Poland)
On 24 October 2018, Atrium European Real Estate Limited completed the purchase of the Wars Sawa Junior for €301.5 million. It is a prime high-footfall retail asset in a location in the heart of Warsaw, which enjoys around 60 million visitors in and around the asset annually.
Together with Wars Sawa Junior, Atrium Group has 5 assets located in Warsaw. Warsaw assets represent as much as 36% of the whole portfolio (in value).
In line with strategy for quality growth, this acquisition further strengthens AERE portfolio weighting towards both the strongest Central European economies of Poland and Czech Republic, and towards larger scale, retail centers that dominate their local catchment in strong urban locations.
Built in the early 1970’s, Wars Sawa Junior was originally Warsaw’s first department store. Remodeled, extended and upgraded a number of times, it is now one of Warsaw’s most well established and popular retail complexes. It offers 26,000 sqm of high quality modern retail GLA which is fully let to a range of strong international and domestic retail and leisure brands such as H&M, C&A, CCC, TK Maxx and Zara. Additionally, the retail center offers a further 11,000 sqm of predominantly office and storage space. Wars Sawa Junior also has exceptional connectivity, benefitting from direct access to Warsaw’s public communication network: underground (two lines), trams and buses, as well as a number of convenient local car parking facilities.
There are a number of exciting development opportunities that we have identified to fully unlock its potential while respecting the historical legacy of the asset. It is, most definitely, one of our crown jewels.
