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Union Investment is represented by Jones Lang LaSalle in this transaction
Warsaw, 30 July 2012 – As a result of an agreement signed with investors Fonciere Euris, Rallye and Apsys, Manufaktura will become the first investment for UniImmo: Deutschland in Poland. Hogan Lovells and Jones Lang LaSalle advise Union Investment in the process of transaction.
In the Polish city of Łódź, one of the largest shopping centre transactions of the year is in preparation: Hamburg-based Union Investment Real Estate GmbH is acquiring the Manufaktura centre. The seller is a property company belonging to French companies Fonciere Euris and Rallye and project developer Apsys, who will continue to manage the shopping centre going forward. No further details of the transaction were disclosed.
Offering some 112,500 sq m of gross leasable area (GLA), the fully let property is currently the largest shopping centre in Poland. Union Investment is acquiring 91,240 sq m GLA. The DIY store and cinema are not part of the transaction and remain the property of owner-occupiers Leroy Merlin and Cinema City respectively. Following completion of the transaction, which is scheduled for the end of 2012, Manufaktura will become a part of the open-ended real estate fund UniImmo: Deutschland.
Dr Frank Billand, a member of the management board of Union Investment Real Estate GmbH commented: “With assets of over EUR 7.5 billion, the fund is the perfect platform for this outstanding investment. We are pleased to be able to expand our excellent UniImmo: Deutschland retail portfolio with the addition of one of the three leading shopping centres in Poland.”
Located in Łódź city centre, Manufaktura welcomes nearly 20 million visitors a year and is the region’s dominant shopping centre, serving a catchment area of over 2.5 million people. With 737,000 inhabitants, Łódź is Poland’s third largest city. The Manufaktura complex, which was comprehensively updated in 2006, has also successfully positioned itself as a performance venue through a variety of concerts, open-air cinema screenings, the Łódź of Four Cultures festival and other public events. Awarded BREEAM In-Use certification for its sustainable operation, the Manufaktura shopping and entertainment centre comprises more than 300 retail units. Tenants include major international and Polish chains, such as Real, Saturn, H&M, C&A, Zara and Van Graaf. “Manufaktura offers everything we look for in a highly diversified core investment,” added Dr Billand.
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