Metro Properties, the real estate entity of Metro AG, has announced that it has sold off its real estate property in Poland’s Poznań city to Corum Asset Management.
The value of the deal, comprising a 40,000 square metre plot with a newly developed Castorama building, is around €20.3 million.
“An Important Step”
The asset management company called the deal “an important step” for the year 2018, and its first acquisition in the Central and Eastern Europe (CEE) region.
“The lease contract has a long-term leaseholder term with two extension options – these represent excellent conditions for us to make such an investment”, said Philippe Cervesi, head of investment and partner at Corum Asset Management.
The company has acquired approximately 120 properties in 13 countries in the past 6 years.
Collaboration With Castorama
Metro Properties had acquired the land in Poznań in 2008 to build a Makro cash & carry store. The plan was stalled because of the economic slowdown.
In 2014, French DIY chain, Castorama, approached the company to develop the property for its store and became a long-term leaseholder of the building in 2015.
Director of Metro Properties Poland, Renata KindeCzyz, said, “Supporting Castorama in their expansion in Poland was a great and exciting project for Metro Properties. ‘Build-to-suit’ solutions form part of our services portfolio.
"Through our activities for Metro Wholesale, we command in-depth know-how about the Polish market which we can contribute,” KindeCzyz added.
Earlier, in August of this year, the company had sold off parts of its real estate portfolio to Spain's Encore+ for €86 million.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.