mgpa sees polish economy outperforming europe in 2010
News Posted On: 12 January 2010
On Monday it was reported that MGPA, the private equity investor linked to Australia's Macquarie Group has invested 236 million euro in three Polish shopping malls in the expectation that growth in Poland will outperform Europe as a whole.
The investor group's Europe Fund III paid 187 million euro for two shopping centres in Silesia, and purchased an option to buy another in the north of the country. An insider revealed that all three developments were built and managed by Mayland Real Estate, jointly owned by Goldman Sachs and Casino Group.
"The country is clearly an outperformer both within the CEE region and across Europe as a whole, and in our view continues to offer superior growth prospects," said MPGA's Alex Jeffrey who is their chief executive for Europe.
"We are acquiring (the shopping centres) near the cyclical low in Poland and intend to manage them actively during their stabilisation phase by increasing the productivity and sustainable rents," he continued.
MGPA said it has been investing in Poland for more than five years. Current inventory includes a prime office and a residential complex in Warsaw.
Meanwhile Poland's Deputy Prime Minister Waldemar Pawlak gave an upbeat assessment on his country's prospects. Initial figures released on Monday show that the biggest ex-communist country in the EU block grew at a pace of 1.6% last year, making it the only state out of 27 to have actually avoided any recession last year during the global crisis.
If fact Pawlak, who also moonlights as Poland's economy minister, said the initial official 2009 growth figure could turn out to be an underestimate.
"Last year, we may even be close to 2 percent. But when it comes to this year, I believe that the first half of the year will be good... and growth may even exceed 2 percent," he said in an interview.
"The free float of the zloty and our large internal market have helped Poland to navigate the crisis much better than many other countries, including euro zone ones," he added.
With its economy showing signs of relative strength economists now say euro adoption for Poland should be possible in 2014, a measure likely to further boost its economy and property market.
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