Żabka Unlocks €110 Million From Logistics Assets in Major Leaseback Deal

Żabka Group is preparing to sell two large logistics centres in Poland for an estimated €110 million net, while continuing to use both properties under long-term leases. The transaction will allow the retailer to release capital currently tied up in logistics real estate without removing the facilities from its distribution network.

Subsidiaries Żabka BS and Kalestico Investments have signed a preliminary agreement with Unicorn (PL), part of LCN Capital Partners, covering logistics properties in Rzgów near Łódź and Kąty Wrocławskie. The agreement was signed on 8 September, with the two property transactions expected to complete separately once the relevant conditions have been satisfied.

The Rzgów logistics centre provides approximately 42,000 sqm of lettable space, while the Kąty Wrocławskie property comprises around 35,000 sqm, with the possibility of adding a further 6,500 sqm. The two existing facilities therefore provide approximately 77,000 sqm of logistics space.

The estimated combined value of the transaction is approximately €110 million net. Żabka indicated that the values assigned to the two properties are broadly comparable, although the final consideration will be calculated according to the provisions of the preliminary agreement and could change before completion.

Following completion of each sale, Żabka Polska is expected to lease the respective logistics centre for at least 15 years. The facilities will consequently remain part of Żabka’s distribution infrastructure despite the change in property ownership.

The structure demonstrates how large occupiers can release capital from operational property while maintaining long-term control over the space required for their businesses. Żabka’s approach involves developing logistics facilities, subsequently transferring ownership to investors and remaining in occupation through long-term rental agreements. Proceeds from the planned transaction are expected to support the group’s existing activities and further expansion.

For Poland’s logistics investment market, the deal is significant because it combines modern distribution properties with a long-term commitment from a major retail occupier. Assets secured by lengthy leases can provide investors with predictable income, while allowing corporate occupiers to redirect capital previously committed to property ownership towards their core operations and growth.

The planned transaction also illustrates the increasingly close relationship between corporate financing strategies and logistics real estate investment. Żabka is not reducing its distribution capacity by selling the properties. Instead, it is changing the ownership and financing structure behind two important elements of its logistics network while retaining their operational use.

The transaction has not yet been completed. The parties have signed a preliminary sale agreement, and ownership of the two logistics centres will transfer only after the respective conditions for closing have been fulfilled.