Union Investment Real Estate GmbH, Germany’s second-largest property fund manager, agreed to buy the Manufaktura shopping center in Lodz, Poland, for 390 million euros ($504 million) including debt.
Fonciere Euris, based in Paris, and Rallye SA will each receive “a net amount slightly exceeding 60 million euros” in the transaction, the companies said in a statement today. Apsys is also selling its one-third stake in the mall, according to the statement.
The sale, part of Paris-based Rallye’s asset-sale program, will be effective on Oct. 31. The company, which controls French supermarket chain Casino Guichard-Perrachon SA, is seeking to reduce debt by selling its financial and real estate assets, according to the statement.
Manufaktura has about 125,700 square meters (1.35 million square feet) of space, about half the amount in New York’s Empire State Building. The mall has two hypermarkets, 35 restaurants and cafes and 3,000 parking spaces, according to Apsys’s website.