The volume of transactions concluded on the Polish commercial real estate market in 2013 reached over EUR 3,4 billion. The largest 2013 transaction across all commercial real estate market segments was the sale of Silesia City Center (SCC).
According to Jones Lang LaSalle, the volume of transactions concluded on the Polish commercial real estate market in 2013 exceeded EUR 3,4 billion which was the best result since 2006 when total investment volume amounted to over EUR 5 billion. 2013’s result was also by 26% higher than 2012 (EUR 2,73 billion).
In terms of particular market segments, Jones Lang LaSalle’s data indicates that the volume of office transactions amounted to approximately EUR 1,06 billion, retail – approximately EUR 1,32 billion, industrial – approximately EUR 656 million, mixed use projects and multi-segment portfolio deals – over EUR 280 million, and hotel – more than EUR 113 million. The dominant position of retail transactions (Silesia City Center, Charter Hall portfolio, Wola Park, Galeria Kazimierz and Galeria Dominikańska) is a noticeable change compared to 2012, when the sector was outperformed, albeit slightly, by the office sector.
Foreign investors accounted for ca. 94% of total volume in 2013. The majority of them were global investors (e.g. Blackstone, Atrium, and Allianz-led consortium that purchased Silesia City Center). Immofinanz Group closed the sale of SCC for EUR 412 million in September 2013.
Jones Lang LaSalle advised Allianz on the acquisition process of the shopping mall. The responsibility for SCC’s management is now taken by ECE, which is part of the buyers’ consortium. Some sources claim that the sale had also involved Asian partners.