Poseidon Group sold but retained the asset and property management of its retail property portfolio in Croatia, valued at 50 million EUR.
Poseidon Group, the investor, asset and property manager of Capitol Park centres across Croatia, confirmed today the sale of the assets they fully manage in Zadar, Križevci, Krk, Jastrebarsko, Ivanić-Grad and Makarska, to a group of local private investors.
Shopping Capitols in Zadar and Krk and Capitol Parks in Križevci, Ivanić-Grad, Makarska and Jastrebarsko were all acquired from Konzum during the first decade of 2000. They were fully redeveloped and refurbished throughout 2019 and 2020 with Poseidon acting as the “development manager” in the refurbishment phase and as “asset and property manager” after the re-openings.
The company remains the “property, asset and facility manager” of all the sold assets, taking care of more than 50 tenants, across 37,000+ sqm of gross lettable space. This asset portfolio worth 50 million EUR was now bought by a group of local private investors.
Ante Grubišić, Director of Asset Management at Poseidon Group, comments:
“The development and sale of our retail parks and shopping centres, branded as Capitol Park, is a classic example of Poseidon Group’s value-adding and investment approach. We converted old facilities and sites into modern retail parks and shopping malls, following the highest international standards. We delivered significant value to the cities and all stakeholders involved. We aim to provide the best possible service to our visitors and to become shopping destinations of choice for local residents. We are thankful to all local communities for their support and loyalty.”
About Poseidon Group
Poseidon Group is a commercial and residential multi-scale international developer, investor and manager. The company’s developments include 1,000 residential buildings in planning and construction, 310,000 sqm built and managed retail outlets across SE Europe and 90,000 sqm of space occupied by supermarkets.
Poseidon in SEE is represented through offices in Bosnia, Croatia, Serbia and Slovenia, and it strives to become the region’s leading retail property operator.
Providing an international shopping experience at affordable local prices, the London-based company operates 11 retail parks and neighbourhood centres as well as 20 other stand-alone retail properties across Croatia.