CEE-focused real estate investor CPI Property Group has purchased a portfolio of five retail parks in Poland from Katharsis Development.
Financial details were not disclosed.
The parks are operated under the HopStop brand, which won a Convenience Store Chain of the Year Award in 2017.
Four of the properties are fully operational, while the fifth is currently in the pre-development phase and is already around 90% leased. The total GLA exceeds 19,000 m2. Tenants include Biedronka, Stokrotka, Mila, Topaz, Pepco, Kik, Hebe, MediaExpert, Neonet.
'CPI Property Group intends to leverage the present economic growth in Poland, of which the retail sector forms a strong basis,' said Andras Marton, country manager for Poland at CPI Property Group.
'We are impressed by the quality of the HopStop concept, the parks’ nested locations tailored to service customers. We see great asset value potential in the portfolio.'
'We have fulfilled all business goals: we have created an original concept, developed it, commercialised it, and so it is natural to dispose of the investment,' said Rafal Trusiewicz, president and co-owner of Katharsis Development.
'It has been several years since the construction of the first HopStop. Encouraged by the chain’s business success, we currently seek new opportunities. We plan to develop the next HopStops in Ostrów Wielkopolski and Warsaw district Wawer.'
Apleona GVA, CMT Advisory (M&A and Corporate Finance) and legal company Michalowski Stefanskiv advised Katharsis on the disposal.
CPI Property Group was supported by BSWW Legal & Tax and Knight Frank. Sentient was responsible for technical due diligence.