Clifford Chance

Clifford Chance advises CBRE Global Investors on the sale of Wars Sawa Junior Shopping Centre in Warsaw

Clifford Chance has advised CBRE Global Investors, a global real asset investment management firm, on the sale of Wars Sawa Junior Shopping Centre in Warsaw to Atrium Real Estate for over EUR 300 million, on behalf of the Property Fund Central and Eastern Europe (‘the Fund’). Wars & Sawa and Junior is a prime two-story shopping centrum in Warsaw, also known as Domy Towarowe Centrum.

The property was acquired by the Fund in two phases in 2007 (50%) and 2011 (50%). During the holding period, CBRE Global Investors successfully repositioned the scheme several times by renewing leases with Galeria Centrum in 2010, Empik in 2015 and Marks and Spencer in 2018. Key tenants in the scheme are flagship stores of TK Maxx, H&M, C&A, Zara, Mango, Empik, Martes Sport and Tiger of Copenhagen. Recently also Polish shoe retailer CCC was added to the retail mix at the scheme.

The signing of transaction took place at the end of August 2018. The transaction is still subject to antimonopoly clearance, which is expected in the fourth quarter of 2018.

The Clifford Chance team advising on the transaction was led by the Prague office's head of real estate Emil Holub with senior associate Aneta Disman (formerly Sosnovcová) acting as executive lawyer. The team further comprised of counsels Bartosz Kaniasty and Aleksandra Jach from Warsaw office.