On November 4, 2021, Patron Capital and Trei Real Estate announced they set formed a new 75:25 joint venture to develop and hold retail parks in Poland under the Vendo Park brand.
Patron Capital is a pan-European institutional investor focused on property-backed investments. Trei is an international developer and asset holder for residential and retail real estate. They plan to invest approximately EUR 140 million over the next three to five years, with an initial target of between 15 and 20 Vendo Parks in regional Polish cities. Five Vendo Parks are already confirmed to be in the development pipeline. The first of these will be located in Chorzow in the Silesian voivodeship, and it is expected to open before the end of Q4 2021. The other four towns are Otwock, Lapy, Skarzysko-Kamienna, and Siedlce.
Funding for the acquisition comes from Patron Capital’s recently closed Fund VI.
“Due to the continued strong fundamentals that underpin the Polish market and the evolving consumer preference towards convenience-driven shopping, this joint venture represents an attractive opportunity for our strategy and builds on our previous experience in Poland,” commented Patron Capital Principal Wiktor Lesinski. “We look forward to working with Trei and benefitting from its local presence, extensive network, and experience with retail parks as we realize our strategy for this joint venture in the years ahead.”
“Entering into a joint venture with an external partner represents an important strategic step for Trei along its growth trajectory, added Trei Real Estate CEO Pepijn Morshuis. “We will soon achieve the objective of holding 50 Vendo Parks in our proprietary portfolio but see the potential for further developments in Poland. The collaborative venture with Patron will give us an opportunity to step up the pace of expanding and scaling our business. We also realized over the past years that the demand for retail parks in the smaller towns of Poland is bigger than initially assumed.”
Commercial real estate advisors Avison Young Poland advised Patron Capital and Trei on the transaction.