Arcona Property Fund N.V. leases supermarket space in Poland to Stokrotka
3 December 2018
Arcona Property Fund N.V., a listed company that invests in commercial real estate in Central Europe, has found a new tenant for the supermarket space in its shopping center in Glogow, Poland. The new tenant is Gemar Supermarket sp. z.o.o., a franchisee of the well-known Polish supermarket chain Stokrotka. The new lease agreement will take effect on December 1, 2018 and has a term of ten years.
Stokrotka is part of the leading Baltic retailer Maxima Grupe, owner of retail companies in the Baltic States, Poland and Bulgaria. Stokrotka is a supermarket chain with more than 560 stores, mainly in residential areas in Poland.
The supermarket space in the shopping center in Glogow has a lettable area of 1,564 m² and was leased to Piotr & Pawel until 30 November 2018. In September of this year, Piotr & Pawel applied for administration.
In the Polish portfolio of Arcona Property Fund, there is now one supermarket space, in the city of Inowroclaw, leased to Piotr & Pawel. The exposure to Piotr & Pawel at portfolio level fell from 5.4% on 30 September 2018 to 2.0% on 1 December 2018. Piotr & Pawel has so far fulfilled all monthly rental commitments.
In addition to the announcement of a new tenant in Poland, Arcona Property Fund announces that it has extended a current loan of an investor of € 2 million at portfolio level. The loan agreement has been extended by six months until 23 June 2019 at the same conditions.
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Arcona Property Fund N.V. leases supermarket space in Poland to Stokrotka 3 December 2018 |
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