Trei’s €140m JV with Patron accelerates Polish expansion

Patron Capital and Düsseldorf-headquartered developer/investor Trei Real Estate, have formed a joint venture to develop and hold retail parks in Poland under the Vendo Park brand.

The partners of the 75%:25% JV plan to invest approximately €140 million over the next three to five years. Funding for the acquisition comes from Patron Capital’s recently closed Fund VI. The initial target is to develop 15 to 20 Vendo Parks in regional Polish cities.

Five projects are already in the pipeline and the first to be completed is located at Chorzów in the Silesian voivodeship and is due to open before the end of the year. Four more are located respectively in the towns Otwock, Łapy, Skarżysko-Kamienna and Siedlce.

“A joint venture with an external partner represents an important strategic step for Trei along its growth trajectory,” said Trei Real Estate CEO Pepijn Morshuis.

“We will soon achieve the objective of holding 50 Vendo Parks in our proprietary portfolio but see 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,” he said. “We also realised over the past years that the demand for retail parks in the smaller towns of Poland is bigger than initially assumed.”

Avison Young Poland advised Patron Capital and Trei on the transaction.