Pradera’s Central European outfit is the first landlord to successfully renegotiate a new lease with Auchan, since the group’s purchase of Metro AG’s eastern European hypermarket subsidiary, Real, in February 2014.
Pradera secured a new lease on the 16,883 sqm Real hypermarket store, under the new name Auchan, at the Pasaz Lodzki Shopping Centre in central Lodz. The highly anticipated rebranded store launched in late November 2014 to a huge crowd of shoppers.
Mark Richardson, Fund Manager for PCEF and Head of Central Europe, Pradera, comments: “We are delighted to have secured Auchan at Pasaz Lodzki. Real has been an appreciated tenant for many years and is also a highly valued retailer by the local population, as demonstrated by such a successful launch. Their presence remained in the centre is important to the continued success of the centre.
“The deal is significant within the wider Polish retail sector and for the strengthening of our fund. It has created a precedent for lease negotiations across the country; in fact, we have been inundated with enquiries from other landlords for advice on similar deals.”
The Pasaz Lodzki Shopping Centre comprises 72 retail units and restaurants adjacent to the Auchan hypermarket. Other major retail tenants include TK Maxx, Puma, Adidas, Sony, Sephora and Euro RTV. Pradera also developed a 3,730 sqm stand-alone unit for Decathlon in 2010. A further extension to the centre opened in 2011, housing international retailers H&M, Nike and a 24-hour pharmacy.
