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Factory Ursus goes to Neptune

Nathan North 04 December 2017

Nathan North

Deputy editor

+48 22 356 25 22

Nathan is responsible for the English section of the magazine. Nathan was born in Manchester in the UK and completed a master’s degree in philosophy at the University of London. As well being responsible for editing the English section of ‘Eurobuild CEE’ magazine, he also contributes news from around Central Europe and articles on the investment and industrial markets and on architecture. In his free time he likes playing piano, drawing and cooking.

Factory Ursus goes to Neptune
The outlet centre in Warsaw has changed hands for EUR 79.7 mln

POLAND Neptune, a joint venture between Neinver and TH Real Estate acting on behalf of TIAA, has completed the purchase of the Factory Ursus outlet centre in Warsaw’s Ursus district for EUR 79.7 mln.

The deal for the 19,593 sqm gla outlet centre with the seller, Neinver’s own IRUS European Retail Property Fund, represented a net initial yield of 6.33 pct. Factory Ursus’s more than 103 retailers include Nike, Adidas, Reebok, Tommy Hilfiger, United Colors of Benetton and Calvin Klein. As part of the deal, Neptune has also acquired adjoining land with approval for further retail development. Neptune already owns outlet centres in Kraków, Poznań and Warsaw’s Annopol district, as well as five other centres in Spain, two in Italy and one in France.

Charlotte Ashworth, a fund manager at Neptune TH Real Estate, has commented on the transaction: “Following a number of successful transactions in late in 2016, this acquisition is the final asset to be acquired from the former IRUS Fund and expands our successful joint venture with Neinver. The outlet mall sector is one we strongly believe in given its ability to continuously outperform other retail sectors and deliver year on year growth. Ursus in particular, combines the characteristics of a strong retail location, an excellent track record, a market leading manager and a large local catchment. This asset complements Factory Annopol, which is already held in the JV and is located north of Warsaw. Holding the two together, as well as the assets in Kraków and Poznań, creates a real brand synergy across our Polish portfolio that we will seek to build on in the future.”

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