King’s Street buys Galeria Tęcza for €37m

On 8 February 2012, Blackstone’s real estate funds completed the acquisition of the Galeria Tęcza shopping mall in Kalisz from Rank Progress S.A. The value of the transaction was €37 million. Galeria Tęcza is joining King’s Street Retail, a collection of Polish shopping centres owned by Blackstone, which so far includes Magnolia Park in Wrocław, Galeria Twierdza in Kłodzko, Galeria Twierdza in Zamość, Galeria Pestka in Poznań, and Wzorcownia in Włocławek. The combined GLA of all the shopping centres in the portfolio of King’s Street Retail including Galeria Tęcza is over 200,000 m².

Opened in October 2011, Galeria Tęcza is conveniently located in the centre of Kalisz. With
a GLA of 16,100 m² and 250 parking spaces, the scheme is the city’s foremost retail destination drawing over 100,000 visitors on its opening weekend and over 500,000 visitors during the first month, said King´s Street Retail. Galeria Tęcza is nearly 100% leased, and offers a strong tenant mix including: H&M, Reserved, SMYK, CROPP, House, Empik, CCC, Douglas, Rossmann, Media Expert, and many others. The centre also offers diversified entertainment and leisure facilities, including a five-screen state of art 3D Cinema as well as a full food court.

Galeria Tęcza, like the other properties within the King’s Street Retail portfolio, is managed by Master Management Group.