BUCHAREST (Romania), May 9 (SeeNews) – Real estate investment company MAS has announced its intention to acquire six shopping centers in Romania from PKM Developments, a joint venture with its counterpart Prime Kapital, for a total of 319 .7 million euros ($338 million). ).
The transaction is expected to close by August 15, Johannesburg-listed MAS Real Estate said in a statement last week.
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The centers are owned by PKM Developments through six subsidiaries – PK Grizzly, PK Development One, PK Green, PK Denim, PK Bronze and PK Vanilla.
The portfolio includes value centers Sepsi, Barlad and Prahova, all opened in 2021, Dambovita Mall, opened in 2020, as well as value centers DN1 and Zalau, both opened in 2019. The six assets represent a total of 132,800 m² of GLA.
The acquisition provides MAS with the opportunity to significantly exceed its direct acquisition targets through attractive direct acquisitions, adding increased scale to its operations in Central and Eastern Europe (CEE), the company said. The deal will also help mitigate the potential for an exacerbated slowdown in real total returns per share and deterioration in the real value of cash due to potentially higher-than-expected medium-term inflation.
In 2019, MAS Real Estate acquired a real estate portfolio consisting of nine retail value centers in Romania for €112.97 million from PKM Developments Limited.
Founded in 2008 and registered in the Isle of Man, MAS Real Estate has built, through acquisition and development, a portfolio of commercial, office, industrial, logistics and hospitality properties in Romania, Germany, UK, Bulgaria , Poland and Switzerland. MAS is listed on the main board of the Johannesburg Stock Exchange.
In May 2021, the European Bank for Reconstruction and Development (EBRD) invested €24.7 million in an inaugural green bond issued by a subsidiary of MAS Real Estate to support the company’s new acquisitions in Romania and in the EEC.
PKM Developments was established by MAS Real Estate and Prime Kapital in March 2016.
Prime Kapital, with offices in Romania, Bulgaria, the Netherlands, Luxembourg and the Isle of Man, focuses on the retail and residential segments in CEE.