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Turawa Park in Opole, Poland. Credit: Focus Estate Fund.

Focus buys Turawa Park shopping center in Poland

Ukrainian real estate investor Focus Estate Fund has acquired the Turawa Park shopping center in Opole, southern Poland, from Edinburgh-based Abrdn for an undisclosed sum.

Turawa Park was completed by developer Helical Poland in 2010 for its investor Standard Life. It is a multi-format shopping center with more than 60 stores, including a gallery with an area of 18,031 sq m, a retail park (8,040 sq m), a DIY-format store area (9,067 sq m), and 1,320 parking spaces. At the time of the acquisition, the total vacancy rate was 29%. Tenants include Carrefour, Reserved, Sinsay, Media Expert, Action, Smyk, Rossmann, Big Star, C&A, Pepco, Levi’s, Sephora and Deichmann. The total vacancy rate is 29 pct.

“This is our fourth asset in Poland and we plan to continue scaling our portfolio in the Polish market, where we have been present for more than five years. We see good prospects within the value-add retail segment that we operate in–in particular with a focus on non-prime retail parks and convenience shopping centers, which have proved to be one of the most resilient classes during the pandemic,” says Maxim Shkolnick, the general partner of the Focus Estate Fund.