Metro Properties, the real estate entity of Metro AG, divested a real estate property including newly developed building with long-term lease contract in the Polish city of Poznań to Corum Asset Management. The plot of land had been acquired by Metro Properties already back in 2008 and the real estate expert succeeded in winning the DIY chain Castorama as a long-term leaseholder of a DIY store on this property in 2015. Metro Properties developed this DIY store on the land plot under a build-to-suit scheme, i.e. it built the store to the specifications of the DIY chain Castorama Polska. Castorama opened the DIY store in January 2018. In September, Metro Properties divested the property including the 40,000 square meter plot of land to Corum Asset Management.

 

“The development of the property and building in Poznań demonstrates how Metro Properties develops and enhances real estate values along the complete value chain. We purchased the plot back in 2008 with the intention to build a MAKRO Cash & Carry store. However, MAKRO Poland postponed its expansion plans due to the economic slowdown caused by the economic crisis in autumn 2008. In 2014 the DIY chain Castorama approached Metro Properties with the idea of realising a build-to-suit solution” with them as the long-term leaseholder”, said Dariusz Kunik, Head of International Divestment at Metro Properties.

 

Metro Properties managed the development and construction process of the new DIY store for Castorama and successfully executed the project. With the divestment to Corum Asset Management, it realised the value enhancement resulting from the development of the property. “Supporting Castorama in their expansion in Poland was a great and exciting project for Metro Properties. Build-to-suit solutions form part of our services portfolio. Through our activities for Metro Wholesale we command in-depth know-how about the Polish market which we can contribute”, said Renata Kinde-Czyz, Director Metro Properties Poland.

 

“We are very pleased that Corum XL was successful with its bid and could purchase this property including the building with a long-term tenant. The lease contract has a long-term leaseholder term with two extension options – these represent excellent conditions for us to make such an investment”, said Philippe Cervesi, Head of Investment and Partner at Corum Asset Management.

 

“This acquisition is the first one of a long list for Corum XL in the CEE region and an important step in 2018. It marks the beginning of our investment activities in the CEE region,” said Cervesi.

 

Corum Asset Management, through its three funds under management, acquired approximatively 120 properties in 13 countries over the past 6 years, for an Asset Under Management close to €2 billion.

 

For this transaction, Metro Properties was advised by the consulting firms JLL Jones Lang LaSalle (transaction advisory) and DLA Piper Giziński Kycia sp.k. (legal and tax advisory).