The volume of transactions in 2012 reached a 5-year high with investment reaching a total of approximately EUR 2.7m, an increase by 0.2% when compared to 2011. 58% of all transactions (EUR 1.6 bn) across all sectors took place in Warsaw, further strengthening its dominant position in the Polish market. This is especially evident in the office sector – of 16 office transactions which took place in 2012, 15 took place in Warsaw. The retail sector has been a favourite target for investors with a 45% share (over EUR 1.2 bn). The largest transaction was the acquisition of landmark shopping center, Złote Tarasy in Warsaw by AXA Group and CBRE Global Investors fund for EUR 475 m. Another landmark transaction in this sector was the EUR 390 m acquisition of Manufaktura Shopping Centre in Łódź by Union Investment. Prime yields for shopping centers located in Poland’s major cities remained stable at around 6%, though secondary assets (i.e. retail parks) in smaller cities were traded at around 9%. This is due to concerns over purchasing power and therefore the performance of tenants in secondary locations.
Source : Knight Frank