In one of the biggest deals on the European commercial property market, the German-based Union Investment fund is purchasing the Manufaktura shopping center in Łódź from Apsys for around €390m. The deal on what’s one of Poland’s prime retail assets is set to close by Octo. 31. Although neither party was willing to disclose the exact amount of the deal when its was announced few months ago, market watchers have long speculated the transaction would top €400m.
Once the deal is closed, the property will go to UniImmo: Deutschland, a real estate fund overseen by Union Investments which focuses on the EU market. “The sale of Manufaktura is an illustration of Apsys’ excellence as a developer and as a manager of shopping centers and a demonstration of long-term interest by investors in regional shopping centers in Polish cities,” said Maurice Bansay, president and founder of Apsys. “The equity generated by this transaction will be reinvested in new projects in France and Poland.”
