Business

Austria’s FLE buys 11 CEE properties from Metro

FLE, the Austrian, subsidiary of French investment group LFPI, has purchased 11 cash and carry stores in Poland, Hungary and the Czech Republic from Metro Properties, the real estate company of Metro AG, in a sale-and-leaseback transaction.

The value of the deal exceeds 250 million euros.

“The sale of selected assets from the real estate portfolio in the Central Eastern European region is one example of our global portfolio strategy. We unlock the real estate value we have built up and fostered by continuous successful operations,” said Wolfgang Baumgartinger, director transactions at Metro Properties.

The portfolio comprises five stores in Poland (in Warsaw, Wroclaw, Krakow and Lublin), three in Hungary (all in Budapest) and three in the Czech Republic (all in Prague).

“With the acquisition of 11 cash and 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,” said Alexander Klafsky, managing partner of FLE. “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 value through our business model and our investments.”

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