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Polish retail stock surpasses 13 mln sqm

Rafał Ostrowski 11 July 2016

Rafał Ostrowski


+48 22 356 25 11

Rafał Ostrowski has over 17 years’ experience as a journalist. Before joining ‘Eurobuild CEE’ five years ago, he wrote for Wydawnictwo Murator and Shopping Centre Magazine, as well as for retailnet.pl. He has also written for many newspapers and magazines as a freelancer and prepared photo-reportages. Rafał graduated from the University of Warsaw in philosophy. He also completed postgraduate studies in text editing. For ‘Eurobuild CEE’ he covers most real estate sectors, including logistics, construction, office, residential and retail. He is also in charge of the film direction for Eurobuild TV.

POLAND With the addition of 115,800 sqm to the market in the first half of the year, modern retail stock in Poland has now surpassed 13 mln sqm – according to the latest report from JLL.

It now totals 13.07 mln across the following formats: 9.3 mln sqm (71 pct) in shopping centres, 3.57 mln sqm (27 pct) in retail parks and warehouses, and 0.21 mln sqm (2 pct) in outlet centres. The retail market also grew by 91,300 sqm in Q2 2016 across all formats. New projects delivered in Q2 include Galeria Karuzela (12,000 sqm) in Września, Galeria Awangarda (6,000 sqm) in Bartoszyce, Galeria Zaspa (8,800 sqm) in Gdańsk, as well as the extensions of Morena (6,000 sqm) and Auchan (3,000 sqm) in Gdańsk. Additionally, three Leroy Merlin DIY stores (app. 39,000 sqm) opened in Wrocław, Jelenia Góra and Konin, Agata Meble opened in Częstochowa (10,000 sqm) as well as a 6,500 sqm retail park next to Galeria Leszno in Leszno. However, CH Sosnowiec (16,700 sqm) became the first example of a shopping centre to be closed in Poland, due to the termination of the lease agreement with its main anchor – a Real hypemarket.

The volume of retail investment transactions in Q2 2016 amounted to app. EUR 893 mln, which is more than eight times higher than the value recorded in the same period of 2015. This is mainly attributable to one record-breaking transaction: Redefine's acquisition of a 75 pct stake in Echo Investment’s commercial platform in Poland, including such retail assets as Amber in Kalisz, Galaxy in Szczecin, Galeria Echo in Kielce, Galeria Olimpia in Bełchatów, Outlet Park Szczecin, Pasaż Grunwaldzki in Wrocław, CH Echo centres in Przemyśl and Bełchatów, Galeria Sudecka in Jelenia Góra and Galeria Veneda in Łomża. In total, investment transactions worth over EUR 1 bln were concluded on the Polish retail market in H1 2016.

Other notable Q2 retail deals included the acquisition of the Ferio Konin shopping centre by Union Investment for an undisclosed price and the sale of Jantar in Słupsk to CBRE Global Investors for EUR 92 mln.

Monthly prime rents, as applied to store units of 100 sqm occupied by fashion and accessories retailers in the best-performing assets, are traditionally higher in Warsaw at EUR 130 per sqm. Monthly rents in other major agglomerations average out at EUR 45–55 per sqm.

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