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NEPI Rockcastle to take two Kraków malls

Alex Hayes 13 October 2017

Alex Hayes

Journalist

+48 22 356 25 20
alex.hayes@eurobuildcee.com

Alexander Hayes is currently working as a journalist for Eurobuild Central & Eastern Europe magazine. Originally from the UK, he moved to Poland in 1995 and has been working in real estate for over four years. He has a BA in english literature from the University of Buckingham.

NEPI Rockcastle to take two Kraków malls
Serenada is due to open in October this year
POLAND NEPI Rockcastle has announced to the Johannesburg Stock Exchange that through its wholly owned subsidiary Tuvalu it has agreed to buy the Krokus and Serenada malls in Kraków from Mayland for an initial payment of EUR 249.4 mln.

Further payments are to be made of EUR 212 mln after extension work is completed to combine the shopping centres into one mall of over 100,000 sqm gla. Total payment should not exceed EUR 469.3 mln. The deal is subject to a number of conditions which include the waiver of the right of first purchase held on Krokus mall and the opening of Serenada in October this year. Serenada will have a gla of over 41,000 sqm while Krokus has a gla of over 27,000 sqm. Mayland remains involved in the running of the two malls as the centre manager, and also remains responsible for the commercialisation and the development of the proposed extension.


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