Metro Properties, the real estate entity of Metro AG, has sold a real estate property including newly developed building with long-term lease contract in Poznan, Poland to Corum Asset Management for €20.3m. The asset had been acquired by Metro in 2008 and features DIY store Castorama, which Metro built for the retailer as a part of its 'Build-to-suit' scheme. With the divestment to Corum Asset Management, it realised the value enhancement resulting from the development of the property.
“The development of the property and building in Poznan 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 Marjo 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 the company 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.
“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.”
