In the opening move of what’s expected to be an aggressive push into the Polish real estate market, the Czech-based property group CPI has acquired a 2,200 sqm retail center in the town of Tarnów. The value of the transaction was not disclosed, but Andras Marton, International Asset Manager at CPI Property Group, told CIJ that the company is set to increase its activity on the Polish market.
With the pricing gap between core and secondary office assets continuing to expand, particularly in Warsaw, CPI will also be on the lookout for for high yielding assets. “We’re only interested in acquisitions with yields of about 10 percent,” Marton told CIJ, adding that the company had recently withdrawn from bidding on Warsaw’s Millennium Plaza because the vendor’s pricing expectations didn’t match CPI’s strategy. Marton said that CPI, which took over the developer Orco Property Group, was considering a similar transaction for a Polish developer, but said it was too early to provide further details.
