The Poznan City Center mall - recently sold to UK investor Resolution Property and German mall specialist ECE - cost in the region of €250 mln, PropertyEU has learned.

The Poznan City Center mall - recently sold to UK investor Resolution Property and German mall specialist ECE - cost in the region of €250 mln, PropertyEU has learned.

German banks Aareal and pbb Deutsche Pfandbriefbank provided €190 mln in deal financing, reflecting a high loan-to-value ratio of around 76%.

Resolution and ECE bought the asset from TriGranit, Europa Capital and Polish Railways, and were advised by CBRE.

While none of the parties were willing to comment publicly on the value of the deal when it was announced earlier this month, PropertyEU has learned that the project cost €250 mln.

The Trigranit-developed shopping centre opened for trading in October 2013, less than two years after the start of construction, with a total build area of more than 164,000 m2.

It sees an average of more than 40,000 people per day and key tenants include Sportsdirect, Toys 'R' Us, TK Maxx and H&M.