Union Investment buys €380m shopping centre in Poland from Blackstone

Union Investment has acquired a shopping centre in Poland for around €380m from Blackstone.

The German fund manager said it acquired the 100,000sqm Mangolia Park for its open-ended real estate fund Unilmmo Europa.

Located in the west of Wrocław, the shopping centre is almost fully let, with an average lease expiry of 4.2 years, Union Investment said.

It will continue to be managed by Multi after the sale.

Henrike Waldburg, head of investment management retail at Union Investment Real Estate, said: “We look for purchasing power, young and modern properties and sensible prices.

“This combination, in particular in relation to shopping centres, makes Poland one of the most attractive investment locations in Europe.”

Union Investment’s open-ended special and retail real estate funds now hold seven shopping centres in Polish secondary cities.

Magnolia Park is the largest shopping centre in Union Investment’s Poland portfolio.

Union Investment’s other recent acquisition for Unilmmo Europa was The Copyright Building, a 10,000sqm office project in Fitzrovia in London’s West End.