AIB Capital Markets purchases designer outlet centre in Warsaw

Irish
AIB Capital Markets purchases designer outlet centre in Warsaw - no price disclosed
By Finfacts Team
Sep 26, 2007, 15:14

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AIB Capital Markets (AIBCM), and its wholly owned subsidiary, AIBPPM Sp. z o.o have announced the purchase of The Fashion House Outlet Centre, a leading designer outlet centre in Warsaw. This is the first property purchased as part of AIBCM’s 2^nd property fund for Poland, Polonia Property Fund II Limited.

No price has been disclosed.

AIB says that the centre’s distinctive architectural theme is “Warsaw Old Town style” and when completed, will comprise of c.17,272sqm consisting of 960 car parking spaces and c. 125 retail outlets. Phases one and two comprise a lettable area of 12,205sqm, with phase three currently under construction. The centre houses many international brands such as, Nike, Adidas, Levi, Puma, Reebok and Mexx.

Eamonn Crowley, President of the Fund said, “We are delighted to have acquired this high class property which represents the first major retail centre for the Fund. This is a solid investment providing long term value and the prospect of future rental and capital growth”.

This is the second Polish real estate fund sponsored and managed by AIBCM, while AIBPPM Sp. z o o acts as the Investment Manager for the Fund and is based in Warsaw.

Institutional and private investors from Ireland, UK and continental Europe support the Fund. Strategic partners to the fund include one of Ireland’s leading property developers Durkan Homes.

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The investment strategy will cover a diversified range of asset classes such as prime quality commercial, retail, warehouse logistics, residential and development opportunities. AIB Capital Markets will look to purchase high quality properties located in Warsaw and the regional cities of Poland and will examine some diversification opportunities in other Central European countries.

The Polonia Property Fund Limited Partnership, a €400m closed-end property fund closed in 2003 and today hosts a portfolio of 12 properties, 10 located in Poland and 2 in Hungary. The Fund completed its investment period in October 2006 and is currently concentrating on improving values though its active asset management programme.