Unibail-Rodamco acquires Galeria Mokotow in Warsaw (FR/NL/PL)

Unibail-Rodamco has signed a preliminary agreement to acquire from co-owner GTC its 50% stake in Galeria Mokotow. This brings Unibail-Rodamco's ownership to 100%. The agreement values the asset at €475 million. Unibail-Rodamco will continue to manage the center.

Galeria Mokotow, Warsaw, Poland

Galeria Mokotow.

The final execution of the transaction is subject to standard closing conditions, including approval by the Polish Competition Authority.

"We are very pleased to have reached an agreement to increase our share in Galeria Mokotow to 100%," said Jaap Tonckens, Chief Investment Officer of Unibail-Rodamco.

"Assets of this quality with strong reversionary and extension potential are rarely available on the market. The transaction demonstrates Unibail-Rodamco's commitment to Poland and Unibail-Rodamco's ability to recycle the proceeds of its asset disposal program into assets with superior growth potential."

Galeria Mokotow is a prime retail and entertainment center located in Warsaw. The property was completed in 2000 and remains a landmark development in the retail sector in Poland. The mall comprises 62,300 m² GLA, a number of renowned shops and service points, as well as a multiplex cinema.

Source: Unibail-Rodamco

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