The Czech Republic's largest mutual fund, CS nemovitostní, managed by Reico, has acquired the Nová Karolina shopping centre in Ostrava from a Meyer Bergman/HOOPP joint venture.
Financial details were not disclosed.
Meyer Bergman European Retail Partners I and the Healthcare of Ontario Pension Plan (HOOPP) divested the 58,000 m2 asset after a holding period of eight years. Nová Karolina is the dominant regional shopping centre in Ostrava.
'The Meyer Bergman and HOOPP joint venture acquired the Nová Karolina new development just prior to its opening in 2012 and we have successfully established it as the dominant regional shopping centre since,' said Mark Gamble, head of asset management at Meyer Bergman.
'We have achieved significant year-on-year growth and quality improvement in the asset. The results of this carefully implemented asset management programme have now been crystallised into solid returns for our investors through the sale,' he added.
The centre comprises 277 retail units including brands such as C&A, Albert hypermarket, Marks & Spencer, Peek & Cloppenburg, Cinema City, H&M, Intersport and others. Since its opening, it has seen a 73% growth in annual sales and an 87% rise in the number of visitors.
Cushman & Wakefield and Savills advised the Meyer Bergman and HOOPP joint venture on the sale of Nová Karolina.
