​CBRE Global Investors buys Prague shopping centre from Tesco

CBRE Global Investors has bought a shopping centre in the Czech Republic for a separate-account client.

The investment manager bought the Letnany Shopping Centre in Prague from Tesco.

The asset includes 63,478sqm of retail and 3,551sqm of office space.

Harald Flöer, fund manager at CBRE Global Investors, said the centre met the client’s investment criteria, being a “trophy asset in an established market”.

He added: “There are numerous asset-management initiatives we have identified, including a significant refurbishment of the wider scheme.”

He said leisure activities in the surrounding area complemented the destination and encouraged visitors to the scheme.

“All of these are positive contributors to an asset we believe will perform strongly for our client,” he said. 

The centre is anchored by Tesco’s flagship store in the Czech Republic, which has been refurbished.

Tesco has signed a long-term lease for the hypermarket and office space.

A further 160 units is let to tenants including H&M and Zara.