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Jones Lang LaSalle advises on the largest 2012 transaction on the Polish retail real estate market
Warsaw, 31 October 2012 – Hamburg-based Union Investment Real Estate GmbH, acting for the open-ended real estate fund Unilmmo: Deutschland, has finalised today the acquisition of the Manufaktura shopping and entertainment centre in Łódź. The acquisition, worth €390 m is the largest transaction on the Polish retail real estate market in 2012. Jones Lang LaSalle and Hogan Lovells advised Union Investment on the transaction process.
Fonciere Euris, Rallye Group and Apsys have sold their shares in the centre. Apsys, however, will continue to manage the facility for the next 10 years. Union Investment acquired 91,240 of the 112,000 sq m gross leasable area (GLA). The DIY store and cinema are not part of the transaction and therefore remain the property of owner-occupiers - Leroy Merlin and Cinema City respectively.
Agata Sekuła, Head of Retail Investment, Central Europe at Jones Lang LaSalle, comments: “Union Investment’s acquisition of the Manufaktura shopping centre in Łódź, is one of the most impressive and largest transactions not only on the Polish but also European retail real estate markets in 2012. The deal confirms that prime, well-located facilities, continue to attract international investors’ interest. Finally, it is a clear sign that Poland is perceived as a stable market, with strong fundamentals and development prospects and enjoys favourable investor sentiment, even in these times of global economic uncertainty.”
Located in Łódź city centre, Manufaktura welcomes nearly 20 million visitors a year and is the region’s foremost shopping centre, serving a catchment area of over 2.5 million people. Manufaktura is currently the largest shopping centre in Poland. Awarded with BREEAM in Use certificate, the facility accommodates two anchor tenants (Real and Leroy Merlin), over 300 retail, service and food court units, as well as an entertainment area including the Cinema City multiplex, a bowling alley and a play centre for children. The Manufaktura tenant mix encompasses Polish and international brands, such as Saturn, H&M, C&A, Zara, Mango, brands from LPP portfolio, Top Shop and Van Graaf to name but a few.
Opened in May 2006, in a former factory complex, Manufaktura combines retail and entertainment with a rich cultural offering. The post-industrial site hosts a variety of events - concerts, exhibitions, open-air film screenings, and festivals such as Łódź of Four Cultures Festival. The widely accessible market square has become a meeting point for both local population and tourists. Manufaktura also accommodates the Museum of the Factory, commemorating the history of Izrael Poznański’s 19th century factory, which later became the site for the centre’s operations.
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