Arcona Capital – a Munich-based fund manager which operates in seven European countries and manages property portfolios worth a combined EUR 645 mln – has become the latest client of CREAM Property Advisors.
CREAM Property Advisors is to take on the complete property management of Arcona Property Fund’s portfolio of ten shopping arcades in nine towns and cities in Poland. This includes being appointed the exclusive leasing agent for the properties. Additionally, CREAM will be fully responsible for all the accounting as well as for making reports under International Financial Reporting Standards. The Arcona Property Fund is listed on the Amsterdam Stock Exchange with assets of over €100 mln.
“We are very pleased that at such a difficult time for the market we have been able to secure such a well-respected client. I am convinced that our work together will prove a great success. Shopping squares are ideal for essential everyday shopping needs – we are going to improve what they offer while looking after every aspect of their operations. CREAM Property Advisors has proven – and not just once – that we take great care of the properties entrusted to us,” says Grzegorz Mroczek, the vice president of CREAM Property Advisors.
“We want our portfolio to grow in strength and develop under the watchful eye of a fully-committed, professional manager. We are counting on a successful partnership,” adds Mateusz Siejka, the managing director for Poland at Arcona Capital.
Marta Jezierska, a leasing manager at CREAM Property Advisors, is to be responsible for the commercialisation of the Arcona properties.