Last week, Nepi Rockcastle became the second JSE-listed property company to announce a multibillion-rand deal in Poland, the largest economy in central and eastern Europe. The R98bn company will acquire Serenada shopping centre and the adjacent Krokus shopping centre, located in Kraków, for an aggregate purchase price of €249.4m. This was the second deal in Poland by a South African-listed group last week, after Echo Polska Properties announced an R11bn retail property acquisition on Wednesday. "These centres fit our investment criteria and strategy. The combined mall will be one of the largest centres in Poland. We want to hold this kind of centre over time. "Kraków is the second-largest city in the country. Footfall and trading densities are rising in the city," said Noussis. Following the deal, Nepi Rockcastle’s Polish portfolio will be worth about €1.9bn. Poland is one of Europe’s fastest-growing economies and its encouraging macroeconomic environment supports growth in consumer...
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