The Polish builder Erbud signed a PLN 114.38m contract with Blackstone Real Estate to expand the Magnolia Park shopping mall in Wrocław. The American investment fund took Magnolia in July 2011 with the intention of adding an additional 20,000 sqm of space to the center. Master Management Group was selected to manage the project three months after the deal was closed. The investor expects to have the project completed by March 2014.
Magnolia currently offers 77,600 sqm of space in more than 230 retail units.
Erbud has built 27 shopping centers across the country, worth a reported PLN 2bn.
