Clifford Chance has advised CBRE Global Investors on the sale of the Wars Sawa Junior Shopping Center in Warsaw to Atrium Real Estate for over EUR 300 million, on behalf of the Property Fund Central and Eastern Europe.
Wars Sawa Junior is a prime two-story shopping center in Warsaw, also known as Domy Towarowe Centrum. The property was acquired by the Property Fund in two phases: half in 2007 and half in 2011.
According to Clifford Chance, during the holding period, CBRE Global Investors re-positioned the scheme several times by renewing leases with Galeria Centrum in 2010, Empik in 2015, and Marks and Spencer in 2018. Key tenants in the scheme are the TK Maxx, H&M, C&A, Zara, Mango, Empik, Martes Sporta, and Tiger of Copenhagen stores. Polish shoe retailer CCC was recently added to the retail mix as well.
Signing took place at the end of August 2018, and the transaction remains subject to antimonopoly clearance, which is expected in the fourth quarter of 2018.
The Clifford Chance team was led by the Prague-based Partner Emil Holub, with Senior Associate Aneta Disman (formerly Sosnovcova) acting as executive lawyer. The team also included Warsaw-based Counsels Bartosz Kaniasty and Aleksandra Jach.
Editor's Note: After this article was published, CEE Legal Matters was informed that Dentons advised Atrium European Real Estate on the transaction. The firm's team included Partners Pawel Debowski and Piotr Staniszewski and Associate Olga Ziegler.