Union Investment acquires Manufaktura
Union Investment Real Estate, on behalf of the open-ended fund Unilmmo: Deutschland, will complete the acquisition of the Manufaktura regional shopping centre, located in Lódz, Poland, on 31 October 2012.
Worth EUR390m, this will be one of the largest single retail asset deals so far this year. The sellers are the Euris/Rallye group and Apsys, who will continue to manage the shopping centre.
Apsys will carry on providing property management services at Manufaktura for a period of at least 10 years. Apsys currently manages 20 shopping centres, representing over 600,000 square metres of retail premises.
Maurice Bansay, president and founder of Apsys, says: “The sale of Manufaktura is an illustration of Apsys’ excellence as a developer and manager of shopping centres and a demonstration of long term interest by investors in regional shopping centres in Polish cities. We are proud of this transaction: Union Investment has shown the trust it has in Apsys’ savoir-faire as a developer of centres and long term manager. The equity generated by this transaction will be reinvested in new projects in France and Poland.”
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