Retail investors have bought into a Polish high-street shops portfolio in an innovative capital raising by Capital Park.
The company, majority- owned by Patron Capital, raised PLN63.7m (£12.75m) through the sale of certificates in Real Estate Income Fiz An.
The FIZ closed-ended fund structure is tax-efficient and Real Estate Income will pay a 7-8% dividend from its 39 leased properties worth PLN187.2m.
Capital Park kept 15% of the equity (around PLN11.3m) and the structure also includes around PLN110m of 10-year debt. Michal Koslacz, of Capital Park’s management board, said: “We don’t have anything like REITs in Poland, so the idea was to provide the public with a real estate investment.”
The group has total assets of PLN1.3bn and has “plans for the next FIZ”, he added. Noble Securities placed the certificates and the intention is to list them in Warsaw.