Atrium European Real Estate has completed the sale of five retail assets in Poland to Metropol Group. The value of the transaction remains confidential. The seller was represented by the Avison Young and JLL investment teams throughout the transaction.
The retail portfolio consists of the following assets: standalone Media Markt building in Gdynia, Atrium Olkusz, Atrium Świętochłowice, Atrium Siemianowice and Atrium Gama in Radom. The assets offer between 5,000 to 15,000 sqm of retail space, bringing the total GLA of the portfolio to 44,800 sqm leased to ca. 100 tenants, including well known and reputable tenants such as Biedronka, Black Red White, Bricomarche, Carrefour Express, CCC, Euro RTV AGD, Jysk, Media Expert, Media Markt, OBI and Tesco, among others.
„The first half of 2020 saw a few retail transactions being closed and as expected, the majority of these took place during the first quarter. However, there were still some retail closings after the coronavirus pandemic outbreak - and these were mainly convenience schemes, standalone, food-anchored objects, with a significant part of them having redevelopment potential – a type of properties we have identified some time ago to be sought-after by the investors. Five assets sold by Atrium are well-established convenience schemes with great tenant mix and superb performance. As a result, they remained resilient to recent market turmoil, what was confirmed by the fact, that footfall returned to the average levels from the beginning of the year within just 2 weeks after shopping centres’ reopening after the lockdown. This transaction proves that investors are still interested in retail properties, provided that they meet certain characteristics,” comments Piotr Łopusiński, Senior Consultant, Investment at Avison Young.
Atrium was advised by Avison Young, JLL and Dentons while Greenberg Traurig provided legal advice to the purchaser.
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