In January 2018, Chariot Top Group B.V., via its associated company Chariot Group B.V., acquired a portfolio of 28 real estate assets from ARES/AXA/APOLLO RIDA, consisting of 9 M1 shopping centres, 12 hypermarkets, 4 Power Parks and 3 stand-alone DIY stores. The portfolio had a total GLA of ca. 704,000 sqm.
The acquisition was partially financed with ca. EUR 635 million bank debt from HSBC.
The portfolio was then divided into smaller parts and sold, matching the acquisition strategies of the real estate funds and companies operating on the Polish retail market. Before reaching the divestment point, majority of the properties had their leasing agreements with tenants successfully renegotiated and we have realized several initiatives to increase the attractiveness of assets for potential buyers.