Plaza Centers NV was the other key player, controlling a 50% interest in the Lublin Plaza and ownership of the other two properties outright. Klepierre also purchased the 50% interest of Lublin Plaza's co-developer. Plaza Centers President Shimon Yizhaki says the sale is part of a long-held strategy by his firm, a subsidiary of Elbit Medical Systems of Tel Aviv, Israel. "All three shopping centers were transferred (100% leased), demonstrating Plaza Centers' strength in emerging markets nations and the recognition of both tenants and anchors in Plaza Centers' expertise and track record as a leading property developer," Yizhaki says in a release announcing the deal.

Despite a focus on the home front, Klepierre SA is increasingly expanding its investment horizon, with assets now in Greece, Italy and Spain, as well as in burgeoning markets in Central and Eastern Europe. The firm, which targets industrial, office and retail investments, is eyeing Poland as that economy blossoms in communities such as Lublin, Rybnik and Sosnowiec. The properties acquired are part of a new wave of retail sweeping through Central and Eastern Europe as international concerns such as Klepierre and Plaza Centers pursue ambitious CRE platforms.

Indeed, the trio of divestments by Plaza Centers represents just a piece of the firm's development activities in the region. Besides another lifestyle property in Suwalki, Poland, set to open in late 2008, other Plaza Centers ventures are underway or slated to break ground in the coming months in the Czech Republic, Latvia and multiple markets throughout Poland.

Klepierre's purchase of the Lublin, Rybnik and Sosnowiec assets has been in the works for months, and came shortly after the properties each opened to the public. The newest and largest is the Lublin Plaza, which has 280,000 sf and parking for 900 vehicles. The mix of retail is buttressed by restaurants and entertainment options for consumers. Located in southeastern Poland, Lublin has more than 355,000 residents, making it the ninth most populous metropolis in the country. The sale of the Lublin Plaza to Klepierre was estimated at $107 million.