CBRE Global Investors has acquired the Letnany Shopping Centre in Prague from supermarket group Tesco.
The transaction volume of the deal, which was signed on behalf of a separate account client, was not disclosed.
The centre, which is anchored by Tesco's flagship store in the Czech Republic, comprises 63,478 m2 of retail, 3,551 m2 of office space, a 1,791 m2 petrol station forecourt and 3,200 parking spaces.
'This acquisition is an excellent addition to our client's real estate portfolio. It meets their investment criteria being a retail, trophy asset located in an established market. There are numerous asset management initiatives that we have identified including a significant refurbishment of the wider scheme,' commented Harald Flöer, fund manager, CBRE Global Investors.
'The leisure activities in the surrounding area complement the destination and encourage visitors to the scheme. All of these are positive contributors to an asset that we believe will perform strongly for our client,' Flöer added.
While the Tesco anchor was recently refurbished, other key tenants include Cinema City, H&M, C&A, Datart, Zara and SportsDirect, amongst its 160 units. The leisure offer includes a skydiving arena, surf arena, and an aqua park within close vicinity.
'CEE is a very important region for our business, our local team completed approximately €1 bn of transactions during 2016. We continue to have a strong appetite for assets of this quality and a significant amount of capital to invest in the region on behalf of our clients during 2017.' concluded John Mulqueen, head of transactions EMEA, CBRE Global Investors.
CBRE Global Investors was advised by Clifford Chance and CBRE. The seller was advised by Wilson & Partners and Cushman & Wakefield.