The sale of Manufaktura in Łódź

Award:

Investment Deal of the Year, CEE

Name of deal:

Sale of Manufaktura in Łódź, Poland

Seller, plus brief information about the company:

SPV between shopping centre developer Apsys and real estate investor Foncière Euris

Consultancy which advised Seller:

HSBC (agent), Salans (legal advisor), Deloitte (tax advisors) and DTZ (commercial advisor)

Purchaser, plus brief information about the company:

Union Investment Real Estate GmbH on behalf of its open-ended real estate fund Unilmmo: Deutschland

Consultancy which advised Purchaser:

Hogan Lovell (legal advisor), TPA (tax advisor) and Jones Lang LaSalle (commercial advisor)

Why this deal should be considered for the award: Union Investment has acquired Manufaktura for its open-ended fund Unilmmo: Deutschland. This EUR 390 mln transaction is the largest single retail asset investment in the CEE region in 2012, and the second largest in Europe. It demonstrates the attraction of class ‘A’ assets in Polish regional capitals. Acting as a new centre for Łódź, Poland’s third largest city, the Manufaktura complex, a revitalisation of a 19th century factory, includes a two-level, 78,000 sqm shopping centre and 34,500 sqm of renovated historic buildings dedicated to entertainment, a four-star hotel and three museums. Manufaktura comprises more than 300 retail units and almost 3,000 car park places. Union Investment is acquiring 91 000 sqm. The DIY store, cinema, the hotel and the museums are not part of the transaction and remain the property of the owner-occupiers.


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