Tyrion Portfolio sold3 Aug 2020
Atrium European Real Estate sold 5 retail assets to Metropol Group. The seller was represented by Avison Young investment team throughout the transaction.
Atrium European Real Estate sold 5 retail assets to Metropol Group. The seller was represented by Avison Young an JLL investment teams throughout the transaction.
This retail portfolio consists of the following assets: standalone Media Markt building in Gdynia, Atrium Olkusz, Atrium Świętochłowice, Atrium Siemianowice and Atrium Gama in Radom.
These convenience retail properties are established in the local environment and benefit from the vicinity of large and dynamically growing residential areas. Among tenants there are well known international and national brands such as Bricomarche, OBI, Carrefour, Biedronka, RTV Euro AGD, CCC, Rossmann, Media Expert or Pepco.
Properties have excellent visibility and accessibility by cars, public transportation and for pedestrians.
Their total GLA is ca. 45,000 square metres.
„First half of 2020 saw a few retail transactions being closed and as expected, majority of these took place during the first quarter. However, there were still some retail closings after the coronavirus pandemic outbreak - and these were mainly convenience schemes, standalone, food-anchored objects, with significant part of them having redevelopment potential – type of properties we have identified some time ago to be sought-after by the investors. Five assets sold by Atrium are well established convenience schemes with great tenant mix and superb performance. As a result, they remained resilient to recent market turmoil, what was confirmed by the fact, that footfall returned to the average levels from the beginning of the year within just 2 weeks after shopping centres’ reopening after the lockdown. This transaction proves that investors are still interested in retail properties, provided that they meet certain characteristics. “ – comments Piotr Łopusiński, Senior Consultant, Investment, Avison Young.
Atrium was advised by Avison Young, JLL and Dentons while Greenberg Traurig provided legal advice to the purchaser.