NEPI Rockcastle acquires Magnolia Park Shopping Centre in Poland from Union Investment for €373m

NEPI Rockcastle has acquired the 100,000-square-meter (1.08 million-square-foot) Magnolia Park shopping center in Wroclaw, Poland, from Union Investment in an off-market transaction. The sale price amounts to €373 million ($416 million). Union Investment acquired Magnolia Park in 2017 for the portfolio of the open-end real estate fund UniImmo: Europa.

"NEPI Rockcastle has just acquired one of the top retail assets in Poland,” said Rüdiger Dany, CEO at NEPI Rockcastle. “Magnolia Park is a dominant shopping center 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.”