A change of ownership at Zagreb Arena.
London, November 7, 2016 – Heitman, a global real estate investment management firm, today announced the sale of Arena Centar, the dominant retail shopping center located in Zagreb, Croatia, to New Europe Property Investments plc (JSE share code: NEP; BVB share code: NEP). Transaction value was €237.5million.
Arena Centar was owned in a joint venture between Heitman, on behalf of its value-add fund, Heitman European Property Partners IV (“HEPP IV”) and Granit Holdings. The joint venture was formed in 2010 at the completion of Arena Centar’s initial construction. As of today’s announced transaction, the 60,100 square metre property with 215 retail units, is considered Croatia’s dominant retail and entertainment hub.
Commenting on the transaction, Gordon Black, Senior Managing Director for Heitman, said: “We are pleased with the successful results achieved from the investment in Arena Centar made together with Granit Holdings six years ago. At that time, even as economic conditions remained uncertain on the heels of the global financial crisis, Heitman made a tactical decision to add high quality retail in one of the leading emerging economies in Europe to the mix of assets in the fund. Arena Centar’s superior design and location accelerated its ability to establish itself as the dominant grocery-anchored, retail hub in what has become one of Europe’s most stable economies.”
About Heitman
Founded in 1966, Heitman LLC is a global real estate investment management firm with over $36 billion in assets under management. Heitman’s real estate investment strategies include direct investments in the equity or debt capitalization of a property or in the securities of listed and publicly traded real estate companies. Heitman serves a global client base with clients from North American, European, Middle Eastern and Asia-Pacific institutions, pension plans, foundations and corporations and individual investors. Headquartered in Chicago, with offices in Los Angeles, London, Luxembourg, Dusseldorf, Frankfurt, Munich, Warsaw, Hong Kong, Seoul, Tokyo, and Melbourne, Heitman’s over 300 employees offer specialized expertise – from a specific discipline to local insight.
London, November 7, 2016 – Heitman, a global real estate investment management firm, today announced the sale of Arena Centar, the dominant retail shopping center located in Zagreb, Croatia, to New Europe Property Investments plc (JSE share code: NEP; BVB share code: NEP). Transaction value was €237.5million.
Arena Centar was owned in a joint venture between Heitman, on behalf of its value-add fund, Heitman European Property Partners IV (“HEPP IV”) and Granit Holdings. The joint venture was formed in 2010 at the completion of Arena Centar’s initial construction. As of today’s announced transaction, the 60,100 square metre property with 215 retail units, is considered Croatia’s dominant retail and entertainment hub.
Commenting on the transaction, Gordon Black, Senior Managing Director for Heitman, said: “We are pleased with the successful results achieved from the investment in Arena Centar made together with Granit Holdings six years ago. At that time, even as economic conditions remained uncertain on the heels of the global financial crisis, Heitman made a tactical decision to add high quality retail in one of the leading emerging economies in Europe to the mix of assets in the fund. Arena Centar’s superior design and location accelerated its ability to establish itself as the dominant grocery-anchored, retail hub in what has become one of Europe’s most stable economies.”
About Heitman
Founded in 1966, Heitman LLC is a global real estate investment management firm with over $36 billion in assets under management. Heitman’s real estate investment strategies include direct investments in the equity or debt capitalization of a property or in the securities of listed and publicly traded real estate companies. Heitman serves a global client base with clients from North American, European, Middle Eastern and Asia-Pacific institutions, pension plans, foundations and corporations and individual investors. Headquartered in Chicago, with offices in Los Angeles, London, Luxembourg, Dusseldorf, Frankfurt, Munich, Warsaw, Hong Kong, Seoul, Tokyo, and Melbourne, Heitman’s over 300 employees offer specialized expertise – from a specific discipline to local insight.
