LCP Properties, the Polish arm of London & Cambridge Properties, has acquired a convenience-focused retail park in Siedlce, Poland from local developer Katharsis Development.
Financial details were not disclosed.
The HopStop retail park comprises almost 4,900 m2 GLA and was developed by Katharsis Development and opened in 2019.
The asset is 100% leased to tenants inclusing Lidl, Hebe, Pepco, Media Expert, Kik, Rossmann, including Orlen petrol station within the complex.
Other HopStops, located in Radom, Zamosc (2 units) and Rembertow were sold to LCP by Katharsis in a portfolio transaction in 2018.
Krystian Modrzejewski, country manager Poland, LCP Properties, said: 'HopStop in Siedlce is a subsequent convenience retail asset purchased by our fund in Poland. Regarding retail sector, we target locations Poland-wide, with great accessibility for the local community.
'We plan further purchases still in 2020. Our goal is to increase our commercial real estate portfolio in Poland by another €150 mln within twelve months.'
Rafal Trusiewicz, president of the board at Katharsis Development said: 'We are proud that another HopStop retail park has been acquired by the international investment fund. This proves – especially in current pandemic circumstances – high quality of HopStop development projects delivered by Katharsis Development; our retail park has been open all the time and the number of customers shopping there was breaking records.'
Avison Young represented the seller throughout the transaction.
Katharsis Development was also advised by CMT Advisory and Kancelaria mecenasa Jacka Stefanskiego.
