Chariot Top Group, a company managed by Griffin Real Estate, has sold four retail parks in the third and last tranche of a larger portfolio sale to EPP.
The €106 mln transaction is the biggest retail property trade in Poland since the start of the pandemic, the vendor said in a statement.
The deal encompasses four retail parks with excellent locations in Olsztyn, Opole, Kielce and Tychy covering 110,000 m2 of gross asset value.
‘This highly diversified and attractive portfolio of assets that we purchased in 2018, has proved over time to continue to be well performing assets, thanks to great locations and accessibility as well as attractive rent level and a long WAULT. The properties can also boast key tenants from sectors that proved resilient to the pandemic. Last year, we extended the contracts with Auchan for a period of next 10 years which is definitely a sign of long-term confidence in the projects,’ said Piotr Fijolek, senior partner at Griffin Real Estate, responsible for the Chariot platform.
Chariot Top Group was launched in 2018 as a joint venture between Griffin Real Estate and a consortium of Pimco, Oaktree and Redefine to acquire a portfolio of 28 retail assets. Chariot then sold part of the portfolio – the so called “M1 portfolio” – to EPP, the largest owner of retail real estate in Poland in terms of GLA .
‘This transaction proves that despite the turmoil on the market caused by the pandemic, retail has still a bright future ahead,’ added Fijolek.
Following the sale, Chariot Top Group’s portfolio consists of the M1 Marki shopping center and 12 hypermarkets, with a total GLA of about 230,000 m2.
