Acquisition of Silesia City Center named largest single-asset sale in Poland ever

At the end of May, Immofinanz sold Silesia City Center to a group of investors led by Allianz. According to the Dentons law firm, the acquisition is the largest single-asset sale in Poland ever.

The purchase price of EUR 412 million exceeded the respective carrying amount and also makes the deal the largest Polish transaction so far this year as well as the largest in the Central and Eastern Europe in 2013 (excluding Russia).

Dentons advised on the deal in Katowice. “This transaction is a great example of the growing activity in the Polish real estate market” – said Paweł Dębowski, head of Central Europe within the real estate group at Dentons Europe. “We expect that this trend will continue to the end of the year.”

Stefan Brendgen, CEO of Allianz Real Estate Germany, told PropertyEU that the acquisition became Allianz’s first shopping center investment in Poland and is part of the group’s strategy to focus on large and dominant malls across Europe.

Allianz was advised by Jones Lang LaSalle in the transaction.