Meyer Bergman informed about the acquisition of all shares of Galeria Katowicka at the end of November. Dentons’ Real Estate firm was an advisor of the purchaser. Due to the complicated transaction structure and multiple parties involved, including financing banks, the joint venture exit transaction lasted for nearly a year.
The law company has advised a fund managed by Meyer Bergman not only on the acquisition of the remaining shares of Galeria Katowicka from Neinver and the Polish State Railways (PKP) but also on the separation and sale of the railway station to PKP. They have also advised the client on the next stage of the office development project, which would be built east from the shopping mall.
The Galeria Katowicka project consists of a new shopping center to a revamped railway station’s hall and a new underground bus station in the downtown of Katowice. Meyer Bergman European Retail Partners became the majority owner in 2012, two years after it first joined the development partnership formed by Neinver and PKP. Now, with the purchase of an additional 30 percent stake, it has become the sole owner. Apsys took over property management and will oversee daily operations and leasing.
Neinver and PKP developed the shopping mall and modern railway station with international and domestic services, for which they secured financing from the Meyer Bergman fund. Also, they planned to build the office building – it is the last stage of the undertaking, which has never been developed.
Opened in 2013, Galeria Katowicka offers 47 500 sq. meters of retail space (excluding the station part) across 200 stores and has direct access to the main railway station and the new underground bus station. In October this year, the center attracted more than 1,2 million visitors and beat its sales record, posting a 50 percent increase year-on-year.