Arcona Property Fund N.V. extends rental contracts with Piotr i Paweł
27 September 2017
Arcona Property Fund N.V. has agreed extensions of the lease contracts for four locations in Poland with the supermarket retailer Piotr i Paweł. Piotr i Paweł is the largest tenant in the portfolio of Arcona Property Fund.
For the locations in Toruń (1,305 m²) and Głogów (1,562 m²), the lease contract with Piotr i Pawel has been extended from 31 December 2022 to 31 December 2027. The rent increases slightly per January 1, 2018.
The lease contract for the location in Bydgoszcz (1,621 m²) has been extended from 31 December 2022 until 31 December 2024. Thereafter the contract will automatically be renewed for three years until 31 December 2027, at the moment the lease agreement with the municipality on the underlying site is extended (current expiry 2024). The rental price will also increase here slightly on January 1, 2018.
For the location Inowroclaw Lecia (1,450 m²), Piotr i Pawel has agreed to extend the leasing contract until the end of September 2024. The extension is accompanied by a reduction of the rent, which is being implemented in two phases.
The average duration of the lease contracts in Poland increases through the new agreements from 3.16 years to 4.62 years. The total annual rent in Poland will be around € 23,000, or 0.7%, lower due to these adjustments in rent levels.
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Arcona Property Fund N.V. extends rental contracts with Piotr i Paweł 27 September 2017 |
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