Wroclaw, Poland's Big Deal
Union Investment recently bought the Magnolia Park shopping center in Wroclaw, Poland, for approximately $448 million from Blackstone. Built in 2007 and expanded in 2015, Magnolia Park encompasses more than 1 million square feet and is almost fully leased, with 241 retail stores. It is a premier shopping destination, with 11 million visitors annually, and is one of 10 shopping centers in Poland. This purchase is for Union Investment's real estate fund Unilmmo: Europa. In addition to Magnolia Park, Union Investment owns six other shopping centers in Poland's secondary market cities: Katowice, Lodz, Rybnik, Bielsko-Biala, and Gdynia Konin.
Online Shopping in Europe Accelerates
74% of Europe's population live in urban areas
94% growth in online sales by 2021
69% increase in parcel deliveries across Europe by 2021
Source: Cushman & Wakefield
Global Markets to Watch
Despite the cloud of Brexit, commercial real estate thrived in London during 2017, with 75 percent of the city's office transactions closed by global buyers. Of those international purchases, 90 percent were Chinese investors, followed by capital from the Middle East, according to U.K. Real Estate research report by CMS, an international law firm. “Transaction volumes in London have been steady over the past year, with a string of high-profile acquisitions and no sign yet of the exodus from the city that many predicted,” says Ciaran Carvalho, head of real estate at CMS U.K. in London.