BIG Shopping Centers, a real estate group in Israel, has entered the Polish market with the acquisition of two shopping centers in Poland for €65 million.
The first commercial center is located in the city of Andrychow and comes with a leasable area (GLA) of approx. 23,300 sq. m. with an occupancy rate of 100%. The retail park style complex, similar to some of the BIG Centers in Israel, Serbia, and the USA, serves approx. 200,000 shoppers. The commercial park has several anchor tenants, including the LIDL supermarket and the DIY store chain Leroy Merlin, as well as tenants in the electrical, fashion, sports, leisure, and other sectors.
The second commercial center in Lubin includes a leasable area (GLA) of approx. 13,300 sq. m. and is expected to be open to the public in September 2022 with an occupancy rate of approx. 100%. The commercial center has several anchor tenants and leading brands in Europe, including CARREFOUR, Media Expert, Sports Direct, CCC, Sinsay, Jula, and more.
Hay Galis, CEO of BIG, points out that: “These purchases reflect the company’s plans to locate strategic assets in Eastern Europe and the Balkans. Entering the Polish market is essential to becoming a prominent player in the market and Poland is full of potential for development. At the same time, we continue to expand our activity in Eastern Europe through AFI Properties, which is currently experiencing a boom of activity, as reflected in the scope of the new transactions it carried out during the last year and in the development of projects under construction.”