News Article Griffin Real Estate investment Poland Pruim retail
by Property Forum | Investment

Pruim, a company managed by Griffin Real Estate, has sold six retail properties with a total GLA of over 107,600 sqm to a confidential buyer. The value of the transaction is €87 million.

The properties being the subject of the transaction are six hypermarkets totaling 107,600 sqm located in Szczecin, Rybnik, Słupsk, Gdańsk, Nowy Sącz and Lublin. All the assets are fully leased to Auchan Poland based on 12-year lease extension agreement signed last year. The transaction is in line with the divestment strategy adopted by Griffin Real Estate for part of its retail assets.

"These properties have a long history of producing good sales results, and are secured with long-term lease agreements with Auchan – retailer with an established position on the Polish market. The successful sale of this portfolio confirms that high-quality retail properties are still in demand", said Piotr Fijołek, Senior Partner at Griffin Real Estate, responsible for the transaction.

This is the second commercial transaction which involved companies managed by Griffin Real Estate during times of the COVID-19 pandemic. The previous deal was a sale of four retail parks, which was the completion of the final of the three tranches of the “M1 portfolio” transfer to EPP. With GAV amounting to €106 million and a total GLA of 110,000 sqm, it was the biggest transaction on the Polish retail real estate market in terms of volume in Q1 2021.

The seller was advised by Linklaters (legal advice), Colliers (commercial advice), and Arcadis (technical advice).