Katharsis Development sells HopStop retail parks to CPI

The Polish developer Katharsis Development has sold portfolio of five retail parks trading under the HopStop brand to CPI Property Group. Apleona GVA acted as the exclusive agent to Katharsis Development, while CPI Property Group was supported by BSWW Legal & Tax and Knight Frank. The cost of the portfolio with more than 19,000 sqm of GLA was not disclosed. The assets are located in Radom (opened in 2013), in Zamość at Sadowa street (opened 2015), in Zamość at Hrubieszowska Street (opened in 2016) and in Rembertów (opened in 2017). The fifth property will be constructed in Siedlce at Partyzantów street and is currently in the pre-development phase. “We have fulfilled all business goals: we have created an original concept, constructed it, leased it, so a natural consequence of this is to exit the investment. It has been several years since the construction of the first HopStop. During this time, the brand awareness and esteem has developed sufficiently to be sold as a package,” said Rafał Trusiewicz, President and Co-Owner of Katharsis Development. “Encouraged by the chain’s business success, we're seeking new parcels to be used for subsequent HopStops…We plan to develop next HopStops in Ostrów Wielkopolski and Warsaw district Wawer,” added Trusiewicz.