Nepi Rockcastle is in negotiations to acquire Magnolia Park, a shopping centre located in Wroclaw, Poland from Union Investment Real Estate. The property features 100,000 sqm GLA. The potential acquisition remains subject to the execution of formal written agreements, which is expected to occur in the coming weeks.
Magnolia is a 100,000 sqm gross lettable area shopping centre, situated in Wroclaw, the third largest city in Poland by population, with over 670,000 inhabitants. It is managed by Multi Poland. In 2017, the Blackstone fund sold the facility for €380 million to a fund owned by Union Investment Real Estate.
The potential Acquisition remains subject to the execution of formal written agreements, which is expected to occur in the coming weeks. If formal written agreements are executed, the resultant transaction will constitute a category 2 transaction for the purposes of the JSE Listings Requirements. This will necessitate the publication of a category 2 transaction announcement (in compliance with JSE Listings Requirements).
Nepi Rockastle is an owner of about 60 facilities, mainly in the retail sector, in nine countries: Romania, Poland, Hungary, Slovakia, Bulgaria, Croatia, the Czech Republic, Lithuania and Serbia. The total leasable area of the assets is approximately 2.2 mln sqm and the value is approximately €6.9 billion.
