BNP Paribas Real Estate’s Capital Market Department was selected as the strategic advisor and promoter of marcredo Portfolio Fund, which invests in shopping centres operating under the brand of marcredo and situated in the most prospective locations of the Polish map of shopping areas – in dynamically developing cities with population up to 100 000 inhabitants.
Our role in this undertaking will not only be the involvement in distribution of the marcredo Portfolio Fund’s shares but we have also estimated market values of the marcredo retail properties having been transferred into the Fund. We are convinced that investing into the marcredo retail schemes in Poland is a very good strategy for international and Polish domestic equity capital holders, taking into account the macroeconomic environment and the growing retail purchasing power in Poland – says Dr. Piotr Goździewicz, Director Capital Markets, Central and Eastern Europe, BNP Paribas Real Estate.
The Polish retail market is clearly polarized. On the one hand, the markets of the largest Polish cities are much saturated with modern shopping centers, and on the other, regional and local markets are underdeveloped and their demand for modern retail space is growing rapidly – says Małgorzata Gajuk, Associate Director at BNP Paribas Real Estate’s Capital Market Department and an active member of the Retail Research Forum at the Polish Council of Shopping Centres. This results from the development of regional markets and the growing purchasing power of consumers living at such locations – their requirements grow as they become richer. The founders of the marcredo shopping centre concept were among the first ones to notice the potential of small and medium Polish cities. Based on a precise analysis of local markets and their experience, they created a balanced portfolio of perfectly organised shopping facilities, tailored to the needs of local markets and communities and having tenants with an established market position, operating on the basis of long-term lease agreements – adds Małgorzata Gajuk.
Currently, the portfolio of the marcredo fund includes 6 marcredo shopping centres and an option for one more shopping centre with the total leased area of more than 63 000 square metres.
The assets making up the marcredo fund include: marcredo Center Ciechanów, marcredo Center Kutno, marcredo Center Szczecin, marcredo Compact Józefosław, marcredo Compact Lubin, Galeria Piotr i Paweł Poznań and the option for marcredo Center Piekary Śląskie.
The tenants of the shopping areas in marcredo centres include: Intermarche, Bricomarche, Piotr i Paweł, Media Markt, Decathlon, H&M, New Yorker, Reserved, Cropp Town, House, Mohito, Jysk, Jula, CCC, Rossmann.
The marcredo Investment Fund is concentrated on the Polish commercial real estate market with an investment horizon of 8-10 years. The volume of the fund fluctuates around EUR 30-150 million. The Fund invests all its funds in a well-developed and positioned chain of marcredo shopping centres in the Polish market. The profitability of the capital invested accounts for 8.5% per annum and the IRR to be achieved on the investment will range between 11% – 12% – adds Dr. Piotr Goździewicz, Director Capital Markets, Central and Eastern Europe, BNP Paribas Real Estate.
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