The retail real estate portfolio in the two countries consists of 122,000 m2 of lettable area and includes 60 supermarkets and commercial properties in the Czech Republic.

Most of the supermarkets are rented by German food retail chains Penny and Billa.

The portfolio also includes 10 retail parks of the Vendo brand in the Czech Republic and Slovakia.

Pepijn Morshuis, CEO of Trei Real Estate, commented: 'Having already sold our retail property portfolio in Portugal to LCN Capital Partners earlier this year, the sale of our portfolio in the Czech Republic and Slovakia marks the next step in our strategic portfolio optimisation. Our goal in doing so is to fine-tune the profile of Trei as a developer. We are glad to have found a professional and reliable buyer in Plan B Investments who has realised the potential of this portfolio and who will continue to develop the properties. Going forward, Trei can concentrate fully on the development of residential projects in our three core markets, these being Germany, the United States and Poland plus on the expansion of our Vendo Park retail parks in Poland.'

Zdenek Soustal, co-owner of the Plan B Investments group, added: ‘I consider it unique nowadays to make a real estate transaction for about a quarter of a billion euros. We managed to acquire a portfolio from an international developer at a time when financing is scarce and becoming more expensive, the exchange rate of the crown to the euro is not stable and the real estate market does not move much. This is truly an exceptional deal. I would like to thank everyone involved for their cooperation and patience.’

The divestment is part of Trei’s strategy of focusing on the core markets of Germany, the United States and Poland.

Trei Real Estate was advised by Cushman & Wakefield, Taylor Wessing and KPMG, while Plan B Investments was advised by Dentons, Havel Partners, RSM CZ, Sentient, Gleeds, Colliers International and Savills.