Listed European retail real estate company Nepi Rockcastle has acquired a €373m shopping centre in Poland from Union Investment.
Nepi Rockcastle has acquired the Magnolia Park shopping centre in Wroclaw, an asset that Union Investment purchased for around €380m from Blackstone in 2017 for its UniImmo: Europa fund.
Henri Eisenkopf, director transactions shopping places at Union Investment, said: “Magnolia Park continues to perform well in terms of footfall and sales figures. It is currently 99% let. We have therefore taken the current opportunity to sell the shopping centre and to strategically reduce our exposure in Poland.”
Rüdiger Dany, CEO at Nepi Rockcastle, said: “Magnolia Park is a dominant shopping centre in Wroclaw the country’s third largest city and one of its richest. The acquisition will significantly strengthen the group’s portfolio, consolidating its position as the premier retail real estate owner in CEE.
“Nepi Rockcastle has a solid track record of adding significant value to the assets acquired, as evidenced by our most recent acquisitions, and this property has significant upside that will fuel NEPI Rockcastle’s growth in coming years.“
Anca Nacu, investments director at Nepi Rockcastle, said: “Magnolia Park is one of the largest deals in retail real estate in CEE in recent years and this transaction is in line with Nepi Rockcastle’s investment strategy to increase the concentration of its portfolio in countries with an investment grade rating and focus on core dominant properties.
“This modern and sustainable shopping centre is of outstanding quality and is well positioned for future growth, both organically and through further value enhancement.”
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