GE Real Estate has bought the remaining 24.8% interest in its Polish joint venture Green Holdings for €80m (£59.4m).
GE’s Central & Eastern Europe arm created the joint venture in 2003 in partnership with the Heitman group. The jv owns 12 Polish retail galleries which were bought from French retailer Groupe Casino.
The move by GE follows the end of the Heitman Central European Property Partners fund 1.
As a result, GE Real Estate will assume 100% ownership of the assets comprising seven retail galleries and hypermarkets.
Commitment
In addition, GE Real Estate will take over the portfolio management services.
GE said the move is a show of its commitment to the Polish market. Its other assets include 14 hypermarkets that it bought in 2006 from Casino in a €555m (£412m) deal.
Karim Habra, managing director of GE Real Estate Central & Eastern Europe, said:
‘This acquisition represents the logical conclusion for our successful partnership with Heitman regarding this portfolio. In deploying our in-house portfolio management skills, we have the opportunity to unlock further value from the assets.’
No comments yet