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Belgrade, 04 March, 2016 – JLL has exclusively advised Delta Real Estate on the sale of two Delta City shopping centres in Belgrade, Serbia and Podgorical, Montenegro for a total of €202.7 million to a joint venture between South African Hyprop, the country's largest listed specialised shopping centre REIT, and Homestead Funds.
This transaction represents the largest single asset deal in South Eastern Europe (SEE) for five years.
Andrew Peirson, managing director for SEE and Romania at JLL, said: “Serbia has started to become attractive to international investors after years of being overlooked compared to its South Eastern Europe counterparts. We are delighted to be able to demonstrate the country's potential to Hyprop and Homestead and show them how it aligns with their broader business objectives after they had expressed their initial interest in Poland. They will reap the rewards of the strong performance of Serbia's and Montenegro's quality retail assets“.
“We haven't witnessed a transaction of this scale in many years, and it is symbolic of the increasing international investor interest in Serbia and the surrounding SEE region,“ said Uros Grujic, head of capital markets, SEE at JLL. “The groups of buyers we saw considering the SEE region in 2015 were mainly coming from outside the traditional markets of Germany, France and the UK and this will continue as investors look towards the higher returns offered compared to core markets in Central Europe.“
In December 2015, JLL advised South African fund Atterbury on their one-third stake purchase of MPC Holdings which contains the Usce shopping centre within its portfolio.
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 230 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $56.4 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
In Russia and CIS JLL has offices in Moscow, St. Petersburg and Kiev. JLL, Russia & CIS was voted Consultant of the Year in 2004, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014 and 2015 at the Commercial Real Estate Awards, Moscow; Consultant of the Year at the Commercial Real Estate Awards 2009, St. Petersburg; Consultant of the Year at the RCSC Awards in 2015, and The Best Real Estate Consultancy in Ukraine at the Ukrainian Property Awards in 2013.
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