Shopper Park Plus to acquire eight retail parks in Poland

Hungarian retail property owner Shopper Park Plus (SPP) has announced plans to buy eight retail parks in Poland that have a well-known grocery store as their main tenant.

Shopper Park Plus asset in Hungary

This move aligns with SPP's goal to become a leading owner and operator of food-anchored retail parks in Central and Eastern Europe. They have completed their due diligence and have exclusive rights for the acquisition.
The purchase price is around €195 mln, accounting for an expected yield of 9.1%.
The current rent paid by the main grocery tenant is below market rates, offering both stability and potential for increased income as rents catch up. There is also about 18,000 sqm of space the anchor tenant plans to vacate, which can be re-rented at higher rates.
SPP plans to finance the acquisition with about 55% bank financing, expecting interest costs below 4.5%. They also commit to improving the environmental performance of these properties by reducing energy use and obtaining green certifications.
The main grocery tenant will sign a new 15-year lease with options for three additional 5-year extensions, ensuring long-term stable income.
This acquisition is subject to SPP Board approval, finalizing transaction documents and lease agreements, securing bank financing, and receiving merger clearance.
The eight retail parks, with around 210,000 m2 of total retail space, are strategically located in secondary Polish cities with an average population of 174,000, ensuring a strong customer base. About 70% of the space is food-anchored, providing a stable and resilient income.
SPP expects the portfolio to generate around an 11% return on equity initially, and the net operating income (NOI) is projected to be €17.8 mln in 2026 and outpace inflation due to higher occupancy and re-leasing of downsized areas.
The properties are well-located with good visibility, close to other retail hubs, and easily accessible by major roads and public transport, ensuring strong customer reach across various Polish regions.