Three banks provide €210m for Blackstone’s Polish mall

A trio of European banks have provided a €210 million term loan to refinance a Polish mall owned by Blackstone’s European retail platform.

ING Real Estate Finance, Deutsche Pfandbriefbank and Poland’s PKO Bank Polski have jointly underwritten and funded the refinancing of the Magnolia Park Shopping Centre in Wroclaw, one of Poland’s largest shopping malls.

Magnolia Park is owned by real estate funds managed by Blackstone and by Multi Poland.

The property has a total lettable area of circa 100,000 square metres and comprises more than 250 shops, making it the largest shopping centre in the Lower Silesia region of Poland.

Blackstone bought Magnolia Park for a reported €110 million in August 2011 from Warsaw-listed NFI Octava and New York-based Manchester Securities. The mall opened in 2009 and following Blackstone’s purchase it was extended by 20,000 square metres. The extension completed in 2015.

Blackstone announced in May 2014 that Multi Corporation had taken over the management of Blackstone’s King’s Street Retail portfolio, a collection of seven shopping centres located throughout Poland, including Magnolia Park. Blackstone bought Multi Corporation in October 2013.