Valad Europe completes largest Polish retail letting this year (PL)
Valad Europe, the leading diversified real estate investment manager, has signed seven leases with Auchan, the multi-national hypermarket chain, and one lease with Schiever Polska, representing the largest Polish retail letting so far this year.
The eight new leases comprise almost 170,000 m² of space from assets in the Valad Polish Retail Fund (VPRF) and have an average weighted unexpired lease term of 12 years. During the last two years, Valad has implemented various asset management initiatives aimed at enhancing the overall value of the Fund for its investors, including refurbishing both Szczecin Ster Shopping Centre and Rondo Shopping Centre in Bydgoszcz.
Auchan is directly replacing REAL at seven locations, including Centrum Janki, Warsaw; Korona Shopping Centre, Wroclaw; Rondo Shopping Centre, Bydgoszcz; Krokus Shopping Centre, Krakow; King Cross Praga Shopping Centre, Warsaw; Kometa Shopping Centre, Torun; and Tulipan Shopping Centre, Lodz. Schiever Polska has leased hypermarket space at Szczecin Ster Shopping Centre.
VPRF is a closed ended fund comprising six first generation shopping centres and three hypermarkets, totalling 300,000 m², located in seven of Poland’s key cities including Warsaw, Kraków and Wroclaw.
Valad Europe manages €5.3 bln of real estate assets and investment capacity across its 24 funds and mandates in Europe, comprising in excess of 400 assets and approximately 3,700 tenants, managed by local teams totalling 180 people in 22 offices and 13 European countries.