Managed by Griffin Real Estate – a private equity investor operating in the real estate sector – Chariot has finalized the sale of 4 retail parks, in the third and final tranche of the sale of a portfolio of retail properties to EPP. It is the largest sale transaction of commercial properties on the Polish real estate market in terms of volume since the beginning of the pandemic.
The transaction was part of the third and final tranche of facilities that Chariot Top Group BV sold to EPP. The last tranche covers four well-located retail parks, located in Olsztyn, Opole, Kielce and Tychy. The transaction value (GAV) is EUR 106 million. The total leasable area of all properties (GLA) is 110,000 sqm.
“We are pleased with the successful completion of the transaction. In 2018, we purchased a diverse and very attractive portfolio of facilities. Over time, they have proven their worth as assets with good financial results, thanks to great locations, attractive rental rates and long WAULT. These properties remain leased by companies in sectors that have proven to be resilient to the pandemic. Last year, we extended the lease agreements with Auchan, which plans to stay in these locations for at least another 10 years, which indicates the tenant’s long-term trust and confidence in these locations,” said Piotr Fijołek, Senior Partner at Griffin Real Estate, responsible for the platform Chariot.
Chariot Top Group BV was founded in 2018 as a Joint Venture, when Griffin Real Estate together with strategic partners – PIMCO, Oaktree and Redefine, finalized the purchase of 28 retail properties. Chariot then sold part of this portfolio – the so-called “M1 portfolio” – to EPP, the largest owner of shopping centers in Poland in terms of GLA.
“Following the first transaction by Chariot, more properties were quickly resold. The properties in our portfolio have a long history of strong sales results, which translates into their market resilience, even in such extraordinary times. This transaction confirms that, despite the turmoil in the market caused by the pandemic, retail has a bright future ahead of it,” adds Piotr Fijołek.
Chariot Top Group BV is managed by Griffin Real Estate – a private equity investor operating in the real estate sector. Chariot’s portfolio currently includes the M1 Marki shopping center and 12 hypermarkets with a total GLA of approximately 230,000 sqm.
