The Competition Protection Agency (AZTN) has announced a call for comments and opinions regarding the concentration of the American fund MSREF VIII Global over two companies that own the properties of the City Center One East and West shopping centers in Zagreb.
According to the public call published on the AZTN website, this is a preliminary notification of the intention to implement the concentration, which will ultimately arise from the acquisition of indirect control on a permanent basis by the MSREF fund over the Zagreb companies Gradski centar d.o.o. and Manta d.o.o., through the acquisition of a majority stake in their share capital. MSREF, as stated in the public call, is a general partner to various real estate funds it manages and is ultimately under the control of investment firms managed or advised by the investment bank Morgan Stanley. Morgan Stanley is currently active in the Croatian market in the field of commercial real estate management only in the hotel industry. Specifically, Morgan Stanley will acquire indirect control over a company in the hotel industry, upon fulfilling the prior conditions from the relevant contracts, according to AZTN.
The company Gradski centar d.o.o. is registered for the activities of buying and selling goods, design, construction and supervision, mediation in conducting trade in domestic and foreign markets, and real estate business, and is the owner of the property City Center One West in Zagreb, while the company Manta d.o.o. is registered for business activities in real estate, buying and selling goods, conducting commercial mediation in domestic and foreign markets, property management, and maintenance of properties, and is the owner of the property City Center One East in Zagreb.
