Jones Lang LaSalle advised on Silesia City Center deal

The international consortium of investors led by Allianz has acquired from Immofinanz Group the Silesia City Center – the fifth biggest shopping center in Poland. The acquisition, worth €412 million, is the largest transaction on the Central Eastern European market this year. Jones Lang LaSalle advised Allianz on the acquisition process.

The information about the deal’s conclusion was officially released last week. Silesia City Center, with a GLA ca 86 000 sq. meters is the biggest project of its kind in the Silesia region. The center is very popular both among tenants and clients – over 15 million people visited it in 2012 alone. The property, which has claimed numerous international and Polish awards and is widely known for its unique and comprehensive offer, accommodates over 300 retail stores of local and global brands and services. In addition, it boasts a wide range of food court units as well as an entertainment area. The center is also a good example of a successful revitalization project as it was built on the premises of the former „Gottwald” mine.

Agata Sekuła, Head of Retail Investment, Central Europe, Jones Lang LaSalle, comments: “Acquisition of the Silesia City Center, one of the flagship shopping centers in Poland, by consortium led by Allianz, proves that prime, well – located and stable retail assets in regional cities, combined with a coherent and broad retail range, service and entertainment offer, continue to attract international investors’ interest. This transaction further enhances the position of Poland, throughout Europe as a stable, transparent market with strong fundamentals and development prospects, which are key factors for the investment activities of leading market players”.

The consortium led by Allianz also involves the capital of a Chinese partner – the Bank of China, according to some sources – as well as ECE which will take over the management of Silesia City Center.