Silesian German
Investment & finance
September saw the closing of the EUR 400 mln acquisition of Silesia City Center – the largest single asset acquisition in the CEE region this year. The Katowice shopping complex, with a leasable area of 85,000 sqm, was sold by Immofinanz to a consortium led by German investor Allianz Real Estate, which now has a 45 pct stake in the property. In the last twelve months the company has also closed its transaction to buy the Warsaw Financial Center (a EUR 210 mln deal in which it has an 87.5 pct interest), as well as its EUR 173 mln purchase of Platinium Business Park in the same city. Stefan Brendgen, the CEO of Allianz Real Estate Germany, spoke to us about these deals and the company’s future investment plans
Nathan North, ‘Eurobuild CEE’: Why did you regard Silesia City Center as such an attractive asset? After all, it is a shopping complex in what many people might think of as an unfashionable provincial city.Stefan Brendgen, ARE Germany: Silesia City Center is a complement to our Polish office acquisitions of last year: the Warsaw Financial Center and Platinium Business Park in Warsaw’s Mokotów district. For portfolio reasons we didn’t want all the assets to be offices or in Warsaw. Silesia City Center has an excellent reputation in an attractive market and has won various prizes. It was in everyway the right investment to do and we will continue to buy into big dominant centres across Europe.
Why didn’t you go for a shopping centre in Warsaw or Prague?We would also have been interested in a big shopping centre in Warsaw, but have not yet found the right asset available that corresponds with our requirements.
How was the acquisition financed? The informat
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