Acquisition of Bonarka on behalf of Rockcastle Real Estate
CATEGORY
Investment Deal of the Year, CEE
TriGranit is one of the largest fully integrated, privately owned, real estate platforms in Central Europe, focusing primarily on quality retail and Class “A” office buildings in strategic urban locations. TriGranit manages a full spectrum of real estate activities including investment, acquisition, development, construction, as well as property and asset management. he company’s primary focus is on Poland, Hungary and Slovakia, the countries with the best economic forecasts in the region.
Name of the deal
Acquisition of Bonarka on behalf of Rockcastle Real Estate
Value of the transaction (in EUR)
EUR 361 million
Yield
5,4 %
Consultancy which advised Seller
None
Purchaser, plus brief information about the company
Rockcastle is a listed entity with current market capitalization of USD 2 billion. Its investments comprise global real estate securities and a global portfolio of direct property assets, which are owned and managed by the company including commercial property development projects, existing properties and real estate companies. Rockcastle concluded eight significant property investments in Central Europe and intends to continue increasing its exposure and asset base in CEE for the foreseeable future.
Consultancy which advised Purchaser
Savills sp. z o.o.
Financing institution
None
Current occupancy level
Close to 100%
Please say why this deal should be considered for the award
Unlocking the opportunity and acquiring Bonarka on behalf of Rockcastle Real Estate for EUR 361 million from TriGranit (TPG). – largest single asset transaction in Poland in 2016. The yield was 5,4%.
This transaction is setting the benchmark in the Polish market when it comes to pricing. Rockcastle takes over one of the largest and best shopping centres in Poland.
Bonarka is prime and dominating asset in the second largest city in Poland. The property offers a good upside potential and further value growth as both footfall and tenants’ turnovers have been growing gradually over the last years.
Bonarka City Center comprises ca. 91,000 sq m and was opened in November 2009. The investment is located in Cracow, in the Podgorze district, between Kamieńskiego and Puszkarska Street. The shopping centre consist of 270 units, including anchors tenants such as Peek & Cloppenburg, Zara, H&M, Reserved, Cinema City and more than 30 restaurants. The facility provides 3,200 free parking spaces. 600
