A consortium led by Allianz Real Estate has acquired Immofinanz's Silesia City Center in Katowice in the largest Polish transaction so far this year.
A consortium led by Allianz Real Estate has acquired Immofinanz's Silesia City Center in Katowice in the largest Polish transaction so far this year.
Immofinanz said the purchase price of €412 mln exceeded the book value and also makes the deal the largest in the CEE region (excluding Russia) in 2013.
The transaction is subject to approval by the Polish competition authorities and is expected to close in September 2013. ECE will manage Silesia City Center for the buyers.
'The Silesia City Center is one of Immofinanz's most notable success stories to date in the retail sector. The shopping mall is fully rented and one of the top five in Poland. Cycle-optimised sales like this are an important part of our business model - in this way we release equity and create the necessary liquidity to invest in new development projects. This transaction further confirms our valuations in Eastern Europe', Immofinanz CEO Eduard Zehetner said.
He added that he was optimistic that Immofinanz would conclude further sales in the region during the current financial year.
Allianz was advised by Jones Lang LaSalle in the transaction. Immofinanz was not represented.
According to CBRE, transaction volumes in CEE tripled in the first three months of 2013 to €2.6 bn, the highest level since the first quarter of 2008.
Immofinanz acquired the Silesia City Center in 2006 and, based on the high demand, decided to expand the facility. The extension opened at the end of 2011. The centre is the leading mall in Silesia with some 89,000 m2 of selling space and nearly 340 shops.
The property has received numerous prizes and was one of the winners at the ICSC European Shopping Center Awards in 2013.
