Transactions on commercial real estate market declining in value

2010-02-13

The total value of investment transactions on Poland's retail real estate market in 2009 amounted to approx. €238m, which translates into a decline of more than 45% year on year, based on figures provided by Cushman & Wakefield (C&W).
C&W analysts believe that the downward trend is due to the unfavourable climate on the investment market as a whole, including a shortage of investment credit. On the other hand however, last year saw an improvement in the economic climate in Poland, and, as a consequence, growing interest from investors in retail real estate.
The most important transactions of note last year were the fund Arka BZ WBK's purchase of of the Stokrotka shopping centre in Lomza and the Alfa mall and the Dukat shopping centre in Olsztyn. Meanwhile, WP Carey bought the Obi DIY store. The biggest transaction, however, was the fund MGPA's purchase of shopping centres in Dabrowa Gornicza in Opole for the combined sum of €187m. C&W predicts further major deals on Poland's retail real estate market in 2010. Recently, the firm Unibail-Rodamco snapped up the Arkadia and Galeria Wilenska shopping centres in Warsaw.

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