Sale of Centrum Handlowe Ferio, Stare Miasto, Konin
CATEGORY
Investment Deal of the Year, CEE
Rockspring Property Investment Managers LLP.
Rockspring is a London based investor and investment manager focused on European commercial property investment for income and growth.
Name of the deal
Sale of Centrum Handlowe Ferio, Stare Miasto, Konin
Value of the transaction (in EUR)
Confidential
Yield
Confidential
Consultancy which advised Seller
Balmain Asset Management, Cushman & Wakefield, Dentons and Arcadis
Purchaser, plus brief information about the company
Union Investment Institutional Property GmbH
Union Investment provides customised real estate solutions to meet the requirements of private and institutional asset allocation. Union Investment operates internationally and presently invested in 24 countries.
Consultancy which advised Purchaser
JLL, Hogan Lovells and cmT
Financing institution
Debt finance not used by the purchaser.
Current occupancy level
100% at the sale / purchase and remains at 100% at the present date.
Please say why this deal should be considered for the award
Successful execution of the asset business plan resulted in the property generating performance metrics consistent with a core asset including: average retailer sales exceeding €2,300 / sqm, rent to sales ratio below 9.0%, footfall exceeding 10,000 customers per day (increase over 50% from that at acquisition). The centre was fully leased leading into a planned sale in late 2015 / early 2016.
In Apr 2016, following a marketing campaign that started in Sept 2015 that resulted in a number of competitive bids, Rockspring successfully completed a sale of Ferio to Union Investment Institutional Property GmbH for a price that exceeded book value and the current valuation, whilst also enabling the investment itself to outperform against the original business plan expectations and return requirements.
The sale of Ferio is considered by the market as a key 2016 transaction, notable for its record low sale/purchase yield for a regional property, setting the tone for other transactions since.
