MAS Real Estate enters Eastern Europe with mall deal in Poland
European-focused MAS Real Estate has made its first direct investment into Eastern Europe, by acquiring Nova Park shopping centre in Gorzów Wielkopolski, for €88.5m (R1.3bn). "The successful acquisition of Nova Park mall in Poland is an important step in achieving our updated strategy to deliver sustainable growing income distributions by at least 30% per annum for the next three years, through exposure in Central Eastern Europe and Western Europe," said CEO Lukas Nakos. Nova Park is situated in central Gorzów, 150km from Berlin in western Poland. The mall’s current lettable area of 32,580m² and 910 parking spaces make it the largest mall in the region. The mall has an estimated catchment of 370, 000 people and has been experiencing growing footfall and growing tenant revenues since its opening in 2012. The current annual rent roll of approximately €5.8m is generated from a mix of tenants including international and national brands Bershka, C&A, CCC, Cropp Town, Deichman, Douglas, E...
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