JSE Listed Company Nepi Rockcastle Announces The Acquisition Of Copernicus Shopping Center
JSE Listed Company Nepi Rockcastle Announces The Acquisition Of Copernicus Shopping Center. NEPI Rockcastle is pleased to announce that it has entered into a binding agreement to acquire 100% of the shares in Atrium Copernicus Sp. Zo.o., the entity that owns Atrium Copernicus Shopping Center from Atrium Retail Ltd, through its wholly owned subsidiary NE Property B.V.
The acquisition is part of NEPI Rockcastle’s investment strategy to increase the concentration of its portfolio in countries with investment grade rating and focus on core dominant properties. Copernicus Shopping Center (48,000 sqm GLA) is the dominant retail scheme in Torun, a prosperous city of 200,000 inhabitants, with a high average purchasing power (11% above the national average) and low unemployment rate of 3.5%. Located on Vistula River, Torun is a highly popular tourist destination in Poland and home to four universities with nearly 27,000 students.
With a catchment area of close to 400,000 people (within 30 minutes’ drive), the Property enjoys a strategic location in the city, with excellent visibility and access from all city districts. Copernicus Shopping Center has a BREEAM In-Use Very Good certification and a high occupancy rate of 98%, including anchor tenants such as Auchan, H&M, Stradivarius, Media Markt, LPP, Decathlon. The Property has outstanding operational performance and is well positioned for future growth, both organically and through further value enhancement and extension potential. Copernicus Shopping Center is expected to generate a Net Operating Income of €9.6 million per year in the medium term.
NEPI Rockcastle is the premier owner and operator of shopping centres in Central and Eastern Europe (CEE), with presence in nine countries and an investment portfolio of over €5.8 billion. The Group benefits from a highly skilled internal management team which combines asset management, development, investment, leasing and financial expertise. Geographically diverse management skills allow NEPI Rockcastle to pursue CEE property opportunities more efficiently, benefiting from a strategic advantage in the acquisition, development and management of properties.
