Acquisition of Promenada Shopping Centre
Cushman & Wakefield were instructed on behalf of Atrium European Real Estate to represent them in the acquisition of Promenada Shopping Centre.
Promenada is a prime supermarket anchored retail property based in the Praga Południe district. Promenada has a total GLA of 53,840 sq.m, comprising 41,778 sq.m of retail across three floors and 12,062 sq.m of offices on the top floor. Promenada is anchored by a 4,030 sq.m Alma supermarket and a 6,600 sq.m Cinema-City. They are joined by a number of other strong international and Polish retail brands including H&M, Zara, Go Sport, Empik, KappAhl, Esprit and Reserved. Originally opened in 1996, Promenada is located on Ostrobramska Street, it is the only major shopping centre on the right bank of the River Vistula in Warsaw.
Cushman & Wakefield guided Atrium through the acquisition process conducting commercial due diligence of the property, providing professional market advice and preparing detailed cash flows as well as broker’s opinion of value.
We regularly reported to the purchaser on the status of the process, and participated in negotiations through all stages of the transaction.
Based on C&W's professional advice and market knowledge the investor successfully completed the acquisition investigation and negotiations.
Promenada Shopping Centre was acquired in Q1 2011 in a smooth and efficient manner.