Europe’s third largest listed retail real estate company, NEPI Rockcastle, has acquired the Silesia City Center mall in Katowice, in the Silesia province of southern Poland for €405M.
One of the largest shopping centre transactions in Central and Eastern Europe in recent years, the vendors are Allianz, Kamsa Luxco and Cura. Silesia City Center extends over 88,400sq m of gross lettable area (GLA) and is a dominant shopping centre in Katowice, economically one of the strongest cities in Poland, with average spending per capita exceeding the national average by 35 per cent.
The investment was primarily funded by NEPI Rockcastle’s successful €300M equity raise completed in October. The transaction also follows NEPI Rockcastle’s €373M acquisition of the Magnolia Park shopping centre in Wroclaw in southwest Poland in September this year, which was then the largest single asset retail real estate deal in Central and Eastern Europe since at least 2022.
Silesia City Center has a strong operational performance which is anticipated to even grow after the integration of the property into NEPI Rockcastle’s shopping centre portfolio, the biggest in CEE and following the implementation of asset management initiatives by the company.
Rüdiger Dany, NEPI Rockcastle CEO, said: “We are grateful for the confidence that NEPI Rockcastle’s investors have placed in our company during the recent equity raise as we continue to deliver on our strategy with the acquisition of Silesia City Center. This high-quality shopping centre has a commanding market position in Katowice, one of Poland’s largest and wealthiest cities and we look forward bringing our asset management expertise.
