Avison Young experts brokered ca. €500 million of this result. Nearly 70% of the retail park volume was transacted since the beginning of 2020, with the highest increase recorded in 2025-H1 2026, when large portfolio deals appeared.

Capital origin – active investors and capital origin since 2025

"The origin of capital invested in Polish retail parks highlights the sector’s strong international appeal. US and CEE capital represented altogether 60% of transaction volume. This considerable shift in capital origin structure was related to market maturity enabling large portfolio transactions. These larger-scale deals enabled investors to achieve immediate scale and deploy capital more efficiently, accelerating the institutionalization of the sector. Supported by further investment from Israeli, Eastern European, Baltic and Western European buyers, the retail park market continues to benefit from a diverse and wide investor base." – Artur Czuba, Director, Investment Department, Avison Young.

Yields – compression in retail parks about to come

Prime yields in Poland are stable. Due to strong demand for retail parks and convenience retail assets, upcoming yield compression is anticipated. 

Outside of major markets, yield levels are influenced by location of the asset, followed by the city’s size, its regional significance, the presence of a food anchor, and the length of lease agreements. Assets with a high proportion of income from food operators are more expensive.

"Intense investor competition for prime retail park assets has become a key driver of pricing trends in the market. In 2025, we witnessed a clear return to yield compression, reversing the trend observed two years earlier when rising financing costs pushed yields upward. Looking ahead, we expect this downward pressure on yields to continue, particularly for best-in-class assets. Retail parks have consistently demonstrated their appeal to consumers and the resilience of their business model, firmly establishing the sector as one of the most attractive real estate investment segments in Poland." – Monika Bronicka, Director, Head of Valuation and Advisory, Avison Young.

Polish retail parks continue to offer an attractive premium over Western European markets, while benefiting from fundamentals that are increasingly comparable to those of more mature investment destinations. Although prime yields in Poland remain above those observed in core Western European countries, the gap has narrowed significantly in recent years as investors have recognized the sector’s resilience, strong occupancy levels and defensive income profile.

Compared with many CEE markets, Poland stands out due to its liquidity, transaction volume and depth of institutional investor demand. As a result, Polish retail parks are increasingly perceived not only as an attractive yield opportunity, but also as a stable long-term income product within the European retail investment market.

Strategy for building a retail park platform in Poland by Newgate Investment

Newgate Investment’s core business objective is to build one of the leading retail park platforms in Central Europe, rather than merely acquire individual assets. Firm’s growth strategy is based on three complementary pillars: acquisitions, redevelopment and repositioning of existing assets, and project development. This diversified approach enables Newgate Investment to create value at different stages of the market cycle while responding flexibly to the changing expectations of investors, tenants and consumers.

The company places particular emphasis on acquiring existing retail assets and unlocking their underutilized potential. Through modernization, ESG certification and carefully designed leasing strategies tailored to local market needs, Newgate Investment gives assets a new lease of life and enhances their long-term value. Firm’s objective is for every asset to meet contemporary market standards while delivering lasting benefits to investors, tenants and local communities. At the same time, Newgate Investment actively cooperates with developers and strategic partners to bring new retail park projects to the market. These investments introduce modern retail formats to cities that previously lacked high-quality infrastructure of this kind. Comfy Park Bydgoszcz is an example of this approach: a modern shopping destination designed around the needs of the local community.

Development of new retail parks

The development of new retail parks remains an important pillar of Newgate Investment’s growth strategy, particularly in locations where consumer demand is not yet fully served by modern retail parks. The firm actively participates in development projects using various investment structures, including forward funding and forward purchase transactions. These models enable Newgate Investment to secure access to high-quality assets at an early stage while supporting the delivery of retail properties tailored to the needs of local communities. New developments provide an opportunity to implement the highest operational, technical and ESG standards from day one. They allow layouts to be optimized, energy-efficient solutions to be introduced and attractive environments to be created for both customers and tenants 

Acquisition of existing assets and portfolios

Acquisitions remain the main driver of Newgate Investment’s growth. A significant part of firm’s portfolio has been built through the purchase of operating retail parks with solid fundamentals and further value creation potential. Newgate Investment particularly values assets located in regional and medium-sized cities, where retail parks continue to benefit from strong consumer demand while offering opportunities for further professionalization and value enhancement.

Redevelopment and value creation through asset transformation

Newgate Investment believes that the redevelopment of existing assets represents one of the most attractive opportunities in the Polish retail park market. Although new developments attract significant attention, existing retail parks often benefit from advantages that are difficult to replicate today: established customer habits, mature catchment areas, excellent visibility and locations secured many years ago. In many cases, the core fundamentals of the property are already in place, making it possible to unlock value more efficiently through modernization than through a greenfield project. 

The challenge lies in carrying out the transformation without disrupting ongoing operations and in maintaining tenant satisfaction throughout the process. However, a well-executed redevelopment can deliver attractive returns with lower risk and a shorter delivery period than the construction of an entirely new project. 

"The market outlook remains highly attractive. Despite the sector’s dynamic development, Poland still shows meaningful differences compared with more mature European markets such as France, Italy and Spain, as well as selected regional markets, including the Czech Republic. These differences are most visible in yield levels, which remain higher than in many Western European markets. This gap, combined with solid market fundamentals and the improving quality of assets, continues to create attractive opportunities for investors and room for further growth in the value of retail parks in Poland." – Krystian Modrzejewski, Chief Investment Office, Newgate investment.

(Press Materials)