Auchan extends stay in six locations managed by Griffin

A company from the Chariot platform, managed by Griffin Real Estate, a private equity investor operating in the real estate sector, signed an agreement with Auchan Poland to extend the lease of its six retail properties totalling 83,000 sqm. The lease agreement was signed for a period of over 12 years. The transaction is certainly one of the largest retail leases that have been closed in Poland.

Auchan Poland signed an agreement to extend the lease of six properties belonging to Chariot – an investment platform managed by Griffin Real Estate. The agreement pertains to hypermarkets located in Szczecin, Rybnik, Słupsk, Gdańsk, Nowy Sącz and Lublin with a total GLA of over 83,000 sqm.

“Extension of the contract with our long-standing partner – Auchan Poland, is a confirmation to us that despite the current unprecedented situation, the retail properties we manage, remain attractive to both tenants and customers. The assets in our portfolio have a long history of good sales results, which translates into their resistance to changes in the retail market. We appreciate the trust that Auchan Poland has placed in us and we look forward to furthering successful cooperation,” said Piotr Fijołek, Senior Partner at Griffin Real Estate, responsible for the Chariot platform.

“The agreement with Chariot shows our long-term commitment to Poland and highlights the potential of the market as well as business opportunities of the locations. We appreciate the local position of the properties belonging to Chariot, in which our turnover kept growing despite the coronavirus pandemic. Having that in mind and given our belief in the long-term potential of these locations, we have decided to sign agreements extending the lease for another 12 years,” said Gerard Gallet CEO of Auchan Poland.

Colliers International, Linklaters Law Firm and KPRF Law Firm have advised on negotiations.

Chariot’s portfolio currently consists of 17 commercial properties with a total GLA of about 350,000 sqm. The properties remain fully leased.