Poland

Polish Real Estate Market
Retail properties
Significant investments in the retail market
did not start until 2001. The first major
transactions were investments by Rodamco
in Galeria Mokotów and in Złote Tarasy and
took place in 2003, with capitalization rates
at the level of 9–10.5%.
Since that time nearly every significant
property in Warsaw and other Polish cities
has been a subject of a transaction. By
2005 capitalization rates were pushed
downward to roughly 8% and continued
this downward trend through Q3’ 2008
when they ranged between 5.7% and 6.5%.
Due to the crisis the capitalization rates
have increased by approximately 1–1.5
percentage point to fall again in 2015
because of the increased demand on the
retail market.
In 2015 the largest retail deals included
Riviera Shopping Center in Gdynia sold for
EUR 290 m at 5.4% yield, as well as Stary
Browar in Poznań sold for ca. EUR 285 m at
5.7% yield.
Approx. 50% of total retail volume was
recorded in regional cities and the
remaining half in smaller cities, with
following examples: Karolinka and Solaris
Center (Opole) Pogoria (Dąbrowa Górnicza),
Platan (Zabrze), Sfera and Sarni Stok
(Bielsko Biała) or Focus Bark (Bydgoszcz).
Major modern retail transactions, 2015
Building Location Seller Buyer
Stary Browar
Poznań
Fortis (Grażyna
Kulczyk)
RREEF
Riviera Gdynia Mayland Union Investment
Karolinka & Pogoria
Solaris Centre
Opole, Dąbrowa
Górnicza
Opole
BlackRock
IGI (Irlandzka Grupa
Inwestycyjna)
Rockcastle Global RE
Rockcastle Global RE
Platan Zabrze Triuva (IVG) Rockcastle Global RE
Fabryka Wołomin Wołomin Fulcrum Properties
Factory Annopol &
Futura Park Kraków
Rockcastle Global RE
JV Acteeum
Warsaw, Kraków Neinver TH Real Estate
Futura Park Wrocław Wrocław Neinver LaSalle Investment
Sfera Bielsko-Biała n/a
Sarni Stok
Source: EY
Bielsko-Biała
CBRE Global
Investors
CBRE Global
Investors
Union Investment
40 | Poland. The real state of real estate