In one of the largest deals in Poland’s history, investment fund manager Apollo Real Estate Advisors has bought a portfolio of shopping centers for $840 million. The freestanding centers boast more than 7 million sq. ft. of combined space. Immopol GmbH & Co KG, a German property investment firm, sold the portfolio to Apollo, which partnered in the acquisition with Rida Development Corp.
"This acquisition concludes at a critical time for Poland as it joins the European Union, which we believe will offer significant growth opportunities," says William Benjamin, managing director of Apollo Real Estate Advisors in Europe. Eurohypo will provide debt financing.
All of the properties are master-leased to affiliates of Germany-based METRO Group, one of the largest retailers in the country.