LCP Properties, the Polish branch of UK private investor London & Cambridge Properties, has acquired a retail park in Poland from local firm TUF Real Estate.
Financial details were not disclosed.
Pasaz Chelminski is a modern retail asset over three buildings, which was developed in November 2019. Comprising 5,800 m2 of GLA, and located in Chelmno, near the northern city of Bydgoszcz, the asset has 170 parking spaces.
It is fully let to Polish and international brands including Pepco, Rossmann, CCC, Martes Sport, KIK, Media Expert, Dealz, Gzella, PLUS GSM, La Dama boutique, bank desk – BS Torun and grocery store Biedronka.
'Pasaz Chelminski is a long-term investment for LCP Properties, in line with the business strategy of the fund. Pasaz will greatly fulfill our portfolio of retail properties located in smaller cities all over Poland,' said Krystian Modrzejewski, country manager Poland at LCP Properties.
'We plan further investments in retail parks, office properties and in-town warehouses, as our goal for the coming years is to double the volume of assets in our portfolio in Poland,' Modrzejewski added.
Pasaz Chelminski was the first investment by TUF Real Estate, the property arm of TUF, a holding company which owns businesses operating in the fields of insurance, healthcare, fitness, and technology. TUF Real Estate's second project – Pasaz Warminski - is currently under construction with delivery scheduled for the end of 2020.
'Apart from Pasaz Warminski, which is currently under construction, we have already started preparations and commercialisation of Golub Dobrzyn, which will be delivered in 2021. We actively work on two subsequent locations, which will come to the market still in 2020,' said Fabian Eryk Barbarowicz, managing partner at TUF Real Estate.
Avison Young represented the buyer.