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.
"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.