Chariot Top Group BV, a Dutch company co-managed by Griffin Real Estate through its subsidiaries, has signed a preliminary agreement to purchase a portfolio of 28 retail properties in Poland from funds managed by Ares Management, AXA Investment Managers – Real Assets and Apollo Rida for €1 billion ($1.18 billion).
The properties include nine M1 shopping centers, four so-called Power Parks, 12 hypermarkets and three DIY stores. The portfolio has a total gross leasable area of about 704,000 square meters.
Following the closing of the acquisition, the consortium will resell part of the purchased portfolio to Echo Polska Properties, a Dutch real estate investment company. The transaction with EPP is divided into three tranches, the last of which is scheduled for no later than mid-2020.
Griffin Real Estate manages assets worth approximately €5 billion ($5.9 billion).
Investment activity increased in the third quarter in Poland with more than €800 mill
