Sale of Galeria Tęcza in Kalisz
Award:
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Investment Deal of the Year, CEE
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Name of deal:
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Sale of Galeria Tęcza in Kalisz
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Seller, plus brief information about the company:
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Rank Progress is a Polish investment and development company that has so far carried out 25 investment projects in medium-sized cities. It is listed on the Warsaw Stock Exchange.
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Consultancy which advised Seller:
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Rank Progress SA
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Purchaser, plus brief information about the company:
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Blackstone Real Estate
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Consultancy which advised Purchaser:
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-
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| Why this deal should be considered for the award: |
Rank Progress Group signed a sales agreement for Galeria Tęcza in Kalisz in February, 2012. The buyer was one of the companies in the portfolio of Blackstone Real Estate. The transaction amounted to net EUR 37 mln. The sale of Galeria Tęcza was one of the biggest transactions on the commercial real estate market in Poland in the first half of 2012. It was also the third shopping centre sale transaction made by Rank Progress during the year – completing the sale process of Rank Progress investment package to companies related to Blackstone Real Estate, including the sale of Galeria Twierdza I and Park Handlowy Twierdza II (retail park) in Kłodzko for EUR 39.3 mln net in May 2011 and Galeria Twierdza in Zamość for EUR 44 mln net in September 2011.
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