Funds managed by the real estate arm of Ares Management and Slate Asset Management have teamed up to acquire a €300m portfolio of convenience-led retail parks in Poland from Trei Real Estate.
Ares Real Estate and Slate said they have agreed to buy the 36 recently developed and fully occupied retail parks “located across major Polish metropolitan areas near large catchment populations”.
Kevin Cahill, partner and head of European diversified investments at Ares Real Estate, said: “This transaction underlines our conviction in Polish real estate and the broader European retail sector, both of which are areas in which Ares has been investing for over two decades.
“We believe the portfolio presents significant opportunities for additional value creation and we look forward to working closely with Slate to unlock its full potential.”
Sven Vollenbruch, managing director at Slate, said: “This portfolio of modern, high-quality properties is a natural fit for our income-focused essential real estate strategy, which specifically targets convenience and necessity-based retail and other mission-critical real estate across Europe.
“After years of studying the Polish market and underwriting essential real estate transactions, this acquisition presented the right opportunity to enter Poland and add a valuable new spoke to our growing Pan-European platform.”
Pepijn Morshuis, CEO of Trei Real Estate, said: “We are big believers in the further growth of retail parks and convenience retail in Poland. With ownership of Trei increasingly focusing on the US, however, in Ares and Slate we found good and trusted new owners of our beloved Vendo Parks, enabling us to pursue other opportunities in the far west.”
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