Allianz Real Estate expects to make a further acquisition in the Polish property market this year following its consortium purchase of the Silesia City Center in Katowice last week.
Allianz Real Estate expects to make a further acquisition in the Polish property market this year following its consortium purchase of the Silesia City Center in Katowice last week.
‘We will be careful going forward because some of the prices that you see seem to be too high or inflated,' Stefan Brendgen, CEO of Allianz Real Estate Germany, told PropertyEU. 'We are looking for the needle in the haystack,’ he said.
Last week, the German investor teamed up with a number of other investors including ECE to buy the Silesia City Center in Katowice in Poland's largest real estate deal so far this year.
The partnership invested €412 mln in the purchase of the flagship retail complex, which is fully let with nearly 360 shops.
Brendgen said the group is very ‘optimistic’ about Poland, having spent €600 mln of equity so far in this market. ‘We made two big office purchases last year and we are complementing our presence with a major retail centre,’ he said.
The acquisition - Allianz’s first shopping centre investment in Poland - is part of the group’s strategy to focus on large and dominant malls across Europe, he added.
