Union Investment Real Estate’s UniImmo: Europa fund has finalized the acquisition of the Magnolia Park shopping center in Wrocław from Blackstone. The value of the transaction, in which the investor was advised by Cushman & Wakefield, amounts to about €380 million. The mall is now the biggest retail asset to be held by the buyer in Poland.
Completed in 2007 and extended two years ago, Magnolia Park comprises around 100,000 sqm of leasable space and is one of the most important retail destinations in the region. It houses over 240 stores with anchor tenants including Tesco, Castorama, Saturn, Helios, P&C and Decathlon.
The Polish portfolio of Union Investment Real Estate currently comprises seven shopping centers: 3 Stawy in Katowice, Manufaktura in Łódź, Focus Park in Rybnik, Sarni Stok in Bielsko-Biała, Riviera in Gdynia, Ferio in Konin and Magnolia Park in Wrocław. They offer a combined 390,000 sqm of retail space and are valued at a total of approximately €1 billion.