Chariot Top Group BV, a company managed by Griffin Real Estate, has sold 4 retail parks located in Olsztyn, Opole, Kielce and Tychy to EPP for €106 million.
It is the biggest transaction of the retail asset on the Polish real estate market in terms of volume since beginning of the pandemic, said Griffin Real Estate in a statement.
The deal is the final of the three tranches that Chariot Top Group BV sold to EPP.
”We are very pleased with a successful completion of this transaction. 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 Fijołek, Senior Partner at Griffin Real Estate, responsible for Chariot platform.
Chariot Top Group BV was launched in 2018 as a joint venture, when Griffin Real Estate and the consortium of its strategic partners including PIMCO, Oaktree and Redefine finalised the acquisition of 28 retail assets. Chariot then sold part of the portfolio, so called M1 portfolio, to EPP, the largest owner of retail real estate in Poland in terms of GLA.
”The first transaction performed by Chariot was quickly followed by reselling of the remaining assets. The properties in our portfolio have overall a long history of good sales results, which translates into their resistance even in unusual times. This transaction proves that despite the turmoil on the market caused by the pandemic, retail has still a bright future ahead,” said Piotr Fijołek.