Quinlan Private has sold a Polish shopping center for 128 million Euro (approximately $175 million USD), the private equity and real estate firm announced today.
The sale was a joint project with Borgestad Group, a Norwegian business conglomerate.
The German investment company, Deka Immobilien, purchased the Forum Shopping Center in Gliwice, a city in the Upper Silesia region of Poland and one of the country’s key economic areas.
Forum was developed on behalf of Quinlan Private and Borgestad by Quinlan Private Golub and Danish developer Braaten & Pedersen and opened in June 2007. The shopping centre comprises approximately 462,000 square feet of retail space divided into 132 units and 1,000 parking spaces. It includes a 70,000-square-foot Carrefour hypermarket and a 15-screen cinema.
The property was more than 90 percent occupied at the time of sale. Retail tenants include leading international retailers such as H&M, New Yorker, Benetton and Inditex.