Falcon Investment Management, a new investment fund operating in the retail park sector, has just enlarged its portfolio with one more centre – Pasaż Golubsko-Dobrzyński. The purchase of this project is the prologue to building up a strong chain of parks.
The investment fund has ambitious development plans, which it is systematically pursuing with support from its various business partners through forward purchasing deals, joint ventures, the purchase of completed projects, and also the development of its centres. Falcon’s portfolio currently includes Stary Dworzec in Bolesławiec, which was purchased as an already operating and completed development with an attractive tenant mix, and also the recently opened Pasaż Golubsko-Dobrzyński, which was purchased from TUF RE.
“We are entering the market with clearly defined goals. We want to create a chain of retail parks that comprises so-called Power Centres, which dominate their regions. We are buying and building centres for ourselves with a long-term horizon and that means we place great importance on the quality of our portfolio,” said Piotr Piechocki, the founder and chairman of the board of Falcon Investment Management.
Currently, the fund has secured twelve projects at different stages of development but that is not going to be the final word. “We are interested in projects starting at around 4,000 sqm GLA as well as plots in towns of over 10,000 people and the suburbs of large urban areas. Our goal over the next few months is to secure further properties,” said Tomasz Pawilonis, the Development Director at Falcon Investment Management. The investor is also currently working on centres that it is developing independently. The fund’s business partners include companies such as TUF RE, BOIG and Acteeum Central Europe. “We are counting on their numbers continually growing. We are open to working with strong players in the market such as owners of investment land, vendors and general contractors,” he added.
Falcon has also set out its leasing strategy in similar detail. Parks owned by the company will provide space for market-leading brands that are attractive to customers. “Tenants will find us to be a dependable and trustworthy partner with whom they will be able to build up their businesses over the long term. We value transparency and a partnership approach in our business relations, hence our demands for stores to report their turnovers and for full indexation from the beginning of a contract. These requirements are a response to the current condition of the market and the economy,” points out Daria Górniak, the Senior Leasing & Expansion Manager at Falcon Investment Management.
The strength of the company is not only its financial backing and investment-development capabilities, but also its team, which comprises some of the best experts in the market. These include the aforementioned Piotr Piechocki, who has experience both in consulting from his time at The Boston Consulting Group, and in working with investment and retail companies such as LPP S.A., and Tomasz Pawilonis, who brings to the company 10 years of market experience gained at one of the largest grocery operators, and also Daria Górniak, who is responsible for leasing and has worked for many years in the sector both on the agency and developer side with responsibility for commercialising both shopping centres and retail parks. Those responsible for the technical, financial and legal side of the business also add to the strength of the team.
“I am proud of our team, which is made up of passionate, competent and experienced people. Our company structure is growing and soon we will be welcoming even more specialists into our ranks,” added Piotr Piechocki.