CBRE Global Investors has sold a portfolio of 11 mainly shopping centre assets located in Czech Republic, Poland, Romania and Hungary. The portfolio has been sold to CPI Property Group for the value of approximately EUR 650 million.
The portfolio has approximately 265,000 sq m lettable area and the assets are:
– Olympia Plzeň Shopping Centre and Nisa Liberec Shopping Centre in the Czech Republic
– Ogrody Shopping Centre in Poland
– Polus Shopping Centre and Campona Shopping Centre in Hungary
– Felicia Shopping Centre in Romania
– Multifunctional complex Zlatý Anděl in Prague
– Andrássy Complex in Budapest
– Two Interspar stores in Hungary
Robert Snincak, Fund Manager, CBRE Global Investors said: “The sale successfully concludes our asset management strategy for these assets, creating value for our investors in line with the business plan.
We have had a very busy twelve months in the CEE region with nearly EUR 600 million of acquisitions as well as this major disposal.“
Roland Bebcak, Head of Divestments CEE, CBRE Global Investors added: “The portfolio attracted a lot of interest as a result of its CEE wide composition and dominant retail exposure. It illustrates that sizeable investments particularly in Poland, Czech Republic and Hungary are firmly back on investors’ agendas.”
The assets are from the Property Fund Central Europe (PFCE) and Property Fund Central Eastern Europe (PFCEE).
CBRE Global Investors were advised on the sale by Clifford Chance, Cushman & Wakefield and Arcadis.
Source : Company