Galeria Tęcza is almost 100 percent leased out Courtesy of Questia

Blackstone’s real estate funds have completed the acquisition of the Galeria Tęcza shopping center project in Kalisz, Wielkopolskie voivodship, from Warsaw Stock Exchange-listed developer Rank Progress. The value of the transaction was €37 million.

The Galeria Tęcza mall has joined King’s Street Retail, a collection of Polish shopping centers that are funded and asset-managed by Blackstone and whose combined leasable space amounts to more than 200,000 sqm.

Apart from Galeria Tęcza, the portfolio includes Magnolia Park in Wrocław, Galeria Twierdza in Kłodzko, Galeria Twierdza in Zamość, Galeria Pestka in Poznań and Wzorcownia in Włocławek, with the Kłodzko and Zamość schemes having also been previously acquired by Blackstone from Rank Progress.

Opened in October 2011, Galeria Tęcza is located in downtown Kalisz and comprises 16,100 sqm of GLA, almost 100 percent of which is currently leased out. The scheme, which includes a five-screen 3D movie theater, is, as with the other King’s Street Retail portfolio properties, managed by Master Management Group.

“We are excited about Galeria Tęcza joining King’s Street Retail as we see tremendous growth potential for this brand new, perfectly located mall,” Paul Kusmierz, principal of Master Management Group, said in a statement.