“The Silesia City Center is one of IMMOFINANZ’s most notable success stories to date in the retail sector,” commented Eduard Zehetner, CEO of IMMOFINANZ Group. “The shopping mall is fully rented and one of the top five in Poland. Cycle-optimised sales like this are an important part of our business model – in this way we release equity and create the necessary liquidity to invest in new development projects. This transaction further confirms our valuations in Eastern Europe.”
He continued, “A look at the IMMOFINANZ core countries shows that Poland – in addition to Moscow – has the greatest potential for the development of high-quality shopping centres. This is also illustrated by IMMOFINANZ’s decision to build the Tarasy Zamkowe – a shopping, entertainment and recreation centre in Lublin.”
Concluding Zehetner added, “The Silesia sale underscores the start of recovery on the investment market in Eastern Europe. The interest of investors is returning, a trend that is also supported by general market indicators. We are optimistic that we will be able to conclude further sales in this region during the current financial year.”
According to CBRE, the transaction volume in CEE tripled in quarter-on-quarter comparison during the first three months of 2013 and, at €2.6 billion, reached the highest level since the first quarter of 2008.
IMMOFINANZ acquired the Silesia City Center in 2006 and, based on the high demand, decided to expand the facility. The extension opened at the end of 2011. With about 89,000 sqm of selling space and nearly 340 shops, the Silesia City Center is the market leader in Silesia. (source: europaproperty.com)