Union Investment buys €380m shopping center in Poland

Union Investment has acquired Magnolia Park in Wroclaw, Poland, from The Blackstone Group for €380 million ($447 million).

“We are looking for purchasing power, young and modern objects and reasonable pricing.This combination makes Poland one of the most attractive investment locations in Europe for us, especially in terms of shopping centers,” said Henrike Waldburg, head of investment management retail at Union Investment Real Estate GmbH, Hamburg.

The 1.1 million-square-foot mall was built in 2007 and is almost fully leased. It hosts 241 brands, the main ones being: Tesco, Castorama, Saturn, Helios, P & C and Decathlon. It has 11 million visitors a year in a catchment area of ​​2.6 million people. The center offers 3,000 parking spaces.

Union Investment now owns seven shopping centers in secondary cities in Poland, totaling 4.2 million square feet for an estimated value of €1 billion ($1.18 billion) and an occupancy rate of 99 percent. Magnolia