Blackstone Group LP sold the Magnolia Park shopping center comprising roughly 100,000 square meters of retail space in Wroclaw, Poland, to Union Investment for approximately €380 million.
Union Investment, which acquired the property for its Unilmmo: Europa open-ended real estate fund, said in a release that Magnolia Park is the largest shopping center in its Polish portfolio.
The property is almost 100% leased, with anchor tenants including Tesco, Castorama, Saturn, Helios, P&C and Decathlon. Following the sale, Multi will continue to manage Magnolia Park.
Cushman & Wakefield was Union Investment's adviser on the deal.