Capital Park buys two retail properties in Ursynów
The Capital Park Group, investor and developer specialised in seeking out and creating value in real estate development, has signed a purchase agreement for two convenience retail facilities located in the Warsaw district of Ursynów. The Piotr i Paweł supermarket chain will be the key tenant in each.
The transaction is an example where property purchase is combined with conclusion of a key lease agreement. In the future, both properties will become a part of a new dividend fund modelled on the Real Estate Income Assets FIZ AN fund currently managed by the Capital Park Group.
One of the newly acquired properties is located in the heart of Ursynów, on the ground floor of a residential building on the corner of Belgradzka and Rosoła Streets. The largest of 9 units purchased will accommodate a Piotr i Paweł supermarket that will occupy ca. 2,200 sqm of floor area. The other property is a retail section on the ground floor of an office building on Pileckiego Street where the reputed Poznań-based chain will occupy ca. 1000 sqm. Both properties will have a total GLA of ca. 4,500 sqm. Agreements with the key tenant were signed for a period of ten years.
Both projects are currently under construction. The building on Pileckiego Street is scheduled for completion in the second half of 2015 and that on Belgradzka Street in the second half of 2016.
Spacious car parks ensuring that local residents can shop quickly and easily on their way home and close distance to public transport stops are additional strong points of both properties.
“Simultaneous purchase and signature of an agreement with the key tenant show how Capital Park works, our strategy aiming to buy properties with significant growth potential and create value throughout their life cycle,” commented Wojciech Nowakowski, Investment Manager at Capital Park. “Along with a retail property that we recently bought in Toruń, this is another investment of ours where a property has no more than 5,000 sqm of GLA as we seek to respond to local market needs.”
The new retail properties will add value to Capital Park’s portfolio and increase rental income generated by the group. In accordance with its strategy, they will be incorporated in a new dividend fund modelled on the Real Estate Income Assets FIZ AN fund, currently managed by the Capital Park Group, that will offer cyclical payments derived from commercial lease.