Dentons has confirmed that it advised European Property Investors Special Opportunities 3 (EPISO 3), an opportunity fund advised by European real estate investment manager Tristan Capital Partners, on its sale of the Zakopianka Shopping Center in Krakow, Poland, to Johannesburg-listed Echo Polska Properties, for approximately EUR 54 million. Linklaters reportedly advised Echo Polska on the deal, which is scheduled to close in the second quarter of 2017.
The transaction involves the 27,463 square meter shopping center located on a retail park in southern Krakow. The transaction excludes the Carrefour hypermarket and Castorama store which border the shopping center and are separately owned.
EPISO 3 has owned the shopping center since 2013, when it was part of a five-property portfolio acquired from Australia’s Charter Hall Retail REIT as it exited the European market.
Karol Bartos, Executive Director at Tristan Capital Partners, said: “This property is in an affluent part of Krakow and is trading well. We have strengthened its performance over the past few years and improved the tenant mix. The offer from Echo Polska Properties now provides us with an opportunity to crystallize value for the fund’s investors.”
The Dentons team was led by Partner Pawel Debowski, the Chairman of the European Real Estate Group, supported by Senior Associate Jacek Jezierski.
Editor's Note: After this article was published Linklaters announced that its team was led by Counsel Weronika Guerquin-Koryzma, supported by Associate Maciej Budzynski, Associate. The due dilligence team consisted of Managing Associate Klaudia Krolak and Associates Ewa Szmigielska, Magdalena Szewczyk, Monika Lerka, and Piotr Zawadzki, as well as Paulina Ciupa and Agata Drabik.
Image Source: zakopianka.pl