Patron Capital and Trei Real Estate form Polish €140 million retail JV

Patron Capital and Trei Real Estate have formed a new 75-25 joint venture to develop and hold retail parks in Poland under the Vendo Park brand. The partners plan to invest approximately €140 million ($162 million) over the next three to five years, with an initial target of between 15 and 20 Vendo Parks in regional Polish cities.

Five Vendo Parks are already confirmed to be in the development pipeline. The first of these will be located in Chorzów in the Silesian voivodeship, and it is expected to open before the end of fourth quarter 2021. The other four towns are Otwock, Łapy, Skarżysko-Kamienna and Siedlce.

Funding for the acquisition comes from Patron Capital’s recently closed Fund VI.

Wiktor Lesinski, principal at Patron Capital, said, “Due to the continued strong fundamentals that underpin the Polish market and the evolving consumer preference towards convenience-driven shopping, this joint venture represents an attractive opportunity fo