London-based Patron Capital and German developer Trei Real Estate have entered a EUR 140 mln 75:25 joint venture to develop the latter’s network of retail parks in Poland.
The partners plan to invest app. EUR 140 mln over the next three to five years, with an initial target of between 15 and 20 Vendo Parks in regional Polish cities. Five are already confirmed to be in the development pipeline, with the first of these to be located in Chorzów in Silesia, which is expected to open before the end of the year. The other four locations are Otwock, Łapy, Skarżysko-Kamienna and Siedlce.
“Entering into a joint venture with an external partner represents an important strategic step for Trei along its growth trajectory. We will soon achieve the objective of holding 50 Vendo Parks in our portfolio but see potential for further developments in Poland” said Pepijn Morshuis, the CEO of Trei Real Estate.