NEPI Rockcastle, the owner and operator of shopping centres in Central and Eastern Europe (CEE), has agreed to acquire Copernicus Shopping Center in Torun, Poland for €127 million.
The company has entered into a binding agreement to acquire 100% of the shares in Atrium Copernicus Sp. Zo.o., the entity that owns Atrium Copernicus Shopping Center, from Atrium Retail Ltd, through its wholly owned subsidiary NE Property B.V.
The agreed property value includes €2 million for the adjacent development plot, said NEPI in a statement.
Copernicus Shopping Center (48,000 sqm GLA) is the dominant retail scheme in Torun, Poand, a prosperous city of 200,000 inhabitants, with a high average purchasing power (11% above the national average) and low unemployment rate of 3.5%.
Located on Vistula River, Torun is a highly popular tourist destination in Poland and home to four universities with nearly 27,000 students.
With a catchment area of close to 400,000 people (within 30 minutes’ drive), the property enjoys a strategic location in the city, with excellent visibility and access from all city districts.
Copernicus Shopping Center has a BREEAM In-Use Very Good certification and a high occupancy rate of 98%, including anchor tenants such as Auchan, H&M, Stradivarius, Media Markt, LPP, Decathlon.
According to the company, the property has outstanding operational performance and is well positioned for future growth, both organically
and through further value enhancement and extension potential.
Copernicus Shopping Center is expected to generate a net operating income of €9.6 million per year in the medium term, the company said.