METRO PROPERTIES divests polish real estate property including specifically developed building

"The development of the property and building in Poznań demonstrates how METRO PROPERTIES develops and enhances real estate values along the complete value chain. We purchased the plot back in 2008 with the intention to build a MAKRO Cash & Carry store. However, MAKRO Poland postponed its expansion plans due to the economic slowdown caused by the economic crisis in autumn 2008. In 2014 the DIY chain Castorama approached METRO PROPERTIES with the idea of realising a "Build-to-suit" solution" with them as the long-term leaseholder", said Dariusz Kunik, Head of International Divestment at METRO PROPERTIES.

METRO PROPERTIES managed the development and construction process of the new DIY store for Castorama and successfully executed the project. With the divestment to Corum Asset Management, it realised the value enhancement resulting from the development of the property. "Supporting Castorama in their expansion in Poland was a great and exciting project for METRO PROPERTIES. ‘Build-to-suit’ solutions form part of our services portfolio. Through our activities for METRO Wholesale we command in-depth know-how about the Polish market which we can contribute", said Renata Kinde-Czyz, Director METRO PROPERTIES Poland.

"We are very pleased that Corum XL was successful with its bid and could purchase this property including the building with a long-term tenant. The lease contract has a longterm leaseholder term with two extension options – these represent excellent conditions for us to make such an investment", said Philippe Cervesi, Head of Investment and Partner at Corum Asset Management. "This acquisition is the first one of a long list for Corum XL in the CEE region and an important step in 2018. It marks the beginning of our investment activities in the CEE region", so Cervesi.

Corum Asset Management, through its three funds under management, acquired approximatively 120 properties in 13 countries over the past 6 years, for an Asset Under Management close to 2 bn €. For this transaction, METRO PROPERTIES was advised by the consulting firms JLL Jones Lang LaSalle (transaction advisory) and DLA Piper Giziński Kycia sp.k. (legal and tax advisory).

METRO is a leading international specialist company in the wholesale and food retail sector. The company is active in 35 countries and has more than 150,000 employees worldwide. In financial year 2016/17, METRO generated approximately €37 billion in revenue. The company supplies customised solutions for the local and international needs of its wholesale and retail clients. Its sales brands METRO/MAKRO Cash & Carry and Real and its delivery services and digitalisation initiatives, METRO is setting standards for the future in terms of its customer focus, digital solutions and sustainable business models.

METRO PROPERTIES is the real estate company of METRO AG, a leading international specialist in wholesale and food retail, operating in 35 countries and employing more than 150,000 people worldwide. METRO PROPERTIES combines comprehensive wholesale and retail competence, highly developed real estate expertise and implementation capability. METRO PROPERTIES is a partner for investments as well as for the development and support of modern wholesale, retail and mixed used concepts. At both the national and international level, METRO PROPERTIES pursues active and value-enhancing asset management. Investors, leasing partners and customers receive competent support worldwide. Apart from its headquarters in Germany, the company operates through locations in Poland and Turkey. In other countries, the company is represented by regional management and METRO team.