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FLE buys Metro cash & carry portfolio

Rafał Ostrowski 02 September 2019

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.

FLE buys Metro cash & carry portfolio
Eleven Cash & Carry stores are now owned by FLE

POLAND/HUNGARY/CZECH REPUBLIC Vienna-based asset management company FLE has bought eleven stores under the Makro Cash & Carry brand in Poland and Hungary and under the Metro Cash & Carry brand in the Czech Republic from Metro Group in a sale and leaseback deal worth over EUR 250 mln.

In Poland, Metro Properties received legal advice from DLA Piper. In Hungary, the advisors were Oppenheim and in the Czech Republic, Metro Properties was advised by PRK Partners and PwC. Colliers International was responsible for brokering the deal in all three countries.

The Polish stores are in Warsaw, Ząbki, Wrocław, Kraków and Lublin, while the stores in Hungary are in Budapest and those in the Czech Republic are in Prague.

"This is yet another transaction that we have arranged for the Metro Group in Poland. It was fairly complex from a legal point of view, but due to both parties and all the advisers involved working efficiently together, it was completed quickly and successfully," stated Jacek Giziński, the joint-managing partner of DLA Piper in Poland.

“With the acquisition of eleven Cash & Carry properties in Poland, Hungary and the Czech Republic, we have not only acquired real estate in prime CEE cities, but also see ourselves as a highly committed new long-term partner of Metro AG. We appreciate Metro as a very sophisticated and pioneering market leader in the international wholesale business. Just like our new partner, we strive to create long-term sustainable values through our business model and our investments. Metro and Makro Cash & Carry have carefully established their markets and all properties are excellently located with very good accessibility and visibility. We see this investment as an important milestone for our investment strategy in CEE countries," added Alexander Klafsky, the managing partner of FLE.

In Poland, Avison Young assisted the buyer with pre-purchase technical advisory services that included inspections of the properties and preparation of the technical Red Flag Reports.

This deal follows a similar sale and leaseback deal announced in July in which six stores were sold in Spain to Savills Investment Management for EUR 73 mln.
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