Investment group Quinlan Private and Norwegian firm Borgestad have sold a new shopping centre they co-developed in southern Poland for €128 million, yielding a significant profit on their investment. Arthur Beesley, Senior Business Correspondent, reports.
The actual profit on the sale of the Forum centre to German investment company Deka Immobilien was not disclosed although the developers said a year ago that the construction in Gliwice would cost €47 million.
Open since last month, the shopping centre was developed for Quinlan Private and Borgestad by a Quinlan joint venture with real estate firm Golub and Danish developer Braaten & Pedersen. Deka Immobilien has retained Quinlan Private Golub, which manages properties in central and eastern Europe, to run the Forum centre.
The development is more than 90 per cent leased, with the remaining space at an advanced stage of lease negotiation. Retail tenants include leading international retailers such as H&M, New Yorker, Benetton and Inditex, the Spanish owner of fashion brands Zara, Pull & Bear and Bershka.
The centre comprises approximately 43,000sq metres of retail space divided into 132 units and 1,000 car parking spaces. It includes a 6,500sq m Carrefour hypermarket and the first 15-screen multiscreen cinema in Gliwice.
"Forum Gliwice has an unrivalled tenant list and we have, in a short time, successfully developed and disposed of the property delivering a very attractive return for our investor group," said Quinlan Private partner Peter Donnelly.
Controlled by financier Derek Quinlan, the company's assets under management in Ireland, Britain, Europe and the US exceed €10 billion.
