SES expands in Slovenia with retail park acquisition

SES Spar European Shopping Centres is expanding its Slovenian presence by acquiring the Arkadia retail park in Domžale, near Ljubljana.

Arkadia Retail Park Domzale

The well-established regional retail park features 19 stores and 11,000 m2 of gross leasable area. Key anchor tenants include Spar, Müller Drogerie, C&A, Deichmann, and Hervis.
The property, which opened in 2016, was sold by Generali Adriatic Value Fund I, managed by Generali Investments Slovenija, in partnership with Peakside Capital, for an undisclosed price. The Arkadia sale represents the final transaction for the first regulated alternative real estate investment fund in Slovenia.
The Domžale area surrounding the retail park is a strong market, with a high level of consumer spending power and a large catchment area of approximately 140,000 residents within a 15-minute drive.
Marcus Wild, Spar Management Board member and chairman of the Supervisory Board of SES, said: “SES is specialized in retail property, facilitating utilization of meaningful synergies within the Spar Group across all countries, and enabling us to continue strengthening locations. Spar and Hervis are already present in the Arkadia retail park, so this is an excellent example of how we work.”
Christoph Andexlinger, CEO of SES Spar European Shopping Centres, added: “Our current portfolio consists of five large-scale shopping centers in Slovenia, and has now been complemented with the acquisition of Arkadia, an excellent retail location with great potential. After the purchase of Il Grifone in Bassano del Grappa (Italy), the acquisition of Arkadia is a further continuation of the expansion process.”
Christopher Smith, head of Portfolio Management CEE at Peakside Capital Advisors, commented: “The sale of Arkadia marks the success of our value creation investment strategy, which has focused on active asset management. We are pleased to see the property entrusted to a renowned operator, who will continue its development and enhance its market standing.”
Melita Rajgelj Ozebek, president of the Management Board of Generali Investments, added: “We are pleased to have signed the final transaction of the last property for the Generali AVF, Slovenia’s first regulated real estate fund, and with the outcome achieved for our investors. This is an important moment – demonstrating once again our pioneering role in the development of the alternative real estate fund sector in Slovenia. With this successful story, we are proud to continue our journey by establishing Generali Adriatic Value Fund II.”
For this acquisition, SES relied on legal expertise from Cerha Hempel and Šelih & Partner, technical due diligence from Oterea, and financial and tax advice from Grant Thornton. The seller was advised by CBRE as the broker and Jandl Law as legal counsel. The transaction is now awaiting clearance from the Slovenian competition authority.
This acquisition brings SES's total portfolio to 32 locations, including six large shopping centers in Slovenia (Citypark Ljubljana, Aleja Ljubljana, Center Vič Ljubljana, Europark Maribor, CityCenter Celje, and Arkadia Domžale).
Part of Spar Austria Group, SES develops, builds, and operates shopping centres in Austria, Slovenia, Italy, Hungary, Croatia, and the Czech Republic.