APN/UKA settles Poland buy

APN/UKA European Retail Trust has settled on the purchase of the Manhattan Shopping Centre in Gdansk, Poland.

The trust bought the center in September for €57.5 million along with another asset, the City Mall Shopping Centre in Bucharest, Romania for € 103.5 million.

APN Property Group’s managing director Clive Appleton told PropertyReview.com.au the trust has chosen to build on an Eastern Europe platform because the region has the strongest economic growth prospects in Europe.

The Manhattan Shopping Centre comprises 21,000 sqm and is anchored by Albert Supermarket.

Gdansk is the sixth largest city in Poland with a population of 500,000. Poland has a population of 38 million and is the largest economy in Central Europe.

Source: By Adam Parsons, propertyreview.com.au