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Blackstone sells Polish shopping center for €380M

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.