A consortium, led by Allianz Real Estate, acquires Silesia City Center from Immofinanz Group
LONDON (November 26, 2013) – Stewart Title Ltd., the underwriter for UK, European and Australian transactions for Stewart Information Services Corp (NYSE-STC), issued the title insurance policy for Silesia City Center in Katowice, Poland. An international investor consortium, led by Allianz Real Estate, acquired the property from Immofinanz Group. ECE, one of the leading European shopping center operators and one of the consortium investors, has taken over the management and leasing of the center.
“As the chosen title insurer for the consortium, we are extremely proud to have safeguarded this transaction,” said Steven Lessack, group president, international operations. “Stewart Title specializes in indemnifying for title risks involved in acquiring commercial real estate so that our clients can focus on managing their investment portfolios with security and peace of mind.”
Silesia City Center was built in 2005. With the addition of an expansion in 2011, the center became one of the five biggest shopping centers in Poland. The impressive property is a combined retail, gourmet and entertainment complex that has received a number of awards, including a 2013 ICSC European Shopping Centre Award. With more than 260 shops on a leasable area of approximately 85,000 m², the center is fully leased and has attracted such high profile tenants as C&A, Cinema City, H&M, Pure Health and Fitness, Saturn, Smyk, Tesco, Van Graaf and Zara.
The amount insured in this transaction exceeded more than EUR 400 million making this a landmark deal for a retail shopping center in Poland. Stewart Title was well placed to facilitate an on-time closing between Immofinanz and the consortium.
“We are the only leading title insurer in Central and Eastern Europe with in-house legal teams serving the region,” said Tomasz Klodowski, managing director, Polish branch for Stewart. “We are proud of our reputation for being able to underwrite complex title matters quickly.”
To date, Stewart has underwritten in excess of EUR 10 billion in transactions in Central and Eastern Europe.
To reduce risk and improve efficiency in residential and commercial conveyancing and remortgage transactions, Stewart Title also offers a full range of other legal indemnity products to solicitors, lenders and property owners including a gap policy and escrow services. The company specializes in facilitating cross-border transactions and solving market specific issues with local expertise and custom underwriting.
Stewart Title’s Poland branch office is located at Le Palais, ul. Prozna 7/9, 00-107 Warsaw and can be contacted via tel: +48 22 255 0875 or email: email@example.com.
About Stewart Title Ltd.
Stewart Title Ltd. is a title insurance company authorized and regulated by the Financial Conduct Authority and Prudential Regulation Authority. As a wholly owned subsidiary of Stewart Title Guaranty Company, Stewart Title Ltd. is the primary underwriter of UK, European and Australian transactions. The company’s operations are headquartered in London with offices throughout the UK, Europe and Australia. Stewart Title Ltd. delivers a host of legal indemnity products, streamlining the conveyancing and closing process and helping solicitors creatively overcome difficult title situations. More information can be found at http://www.stewarttitlelimited.com.
Stewart Title Guaranty Company is a wholly owned subsidiary of Stewart Information Services Corp. (NYSE-STC), a customer-focused, global title insurance and real estate services company offering products and services through our direct operations, network of approved agencies and other companies within the Stewart family. Stewart provides these services to homebuyers and sellers; residential and commercial real estate professionals; mortgage lenders and servicers; title agencies and real estate attorneys; home builders; and United States and foreign governments. Stewart also provides loan origination and servicing support; loan review services; loss mitigation; REO asset management; home and personal insurance services; tax-deferred exchanges; and technology to streamline the real estate process. Offering personalized service, industry expertise and customized solutions for virtually any type of real estate transaction, Stewart is the preferred real estate services provider. More information can be found at http://www.stewart.com/news, subscribe to the Stewart blog at http://blog.stewart.com or follow Stewart on Twitter @stewarttitleco.