CBRE Global Investors has sold €650m worth of retail real estate in central and eastern Europe (CEE).
The portfolio, consisting mainly of shopping centres, were sold by two funds launched before the global financial crisis.
The 11 assets were sold from Property Fund Central Europe (PFCE) and Property Fund Central Eastern Europe (PFCEE), both of which were were launched by ING Real Estate Investment Management before the company’s merger CBRE Global Investors in 2011.
PFCE was created in 2004 with a 12-year life and was designed to coincide with the expansion of the European Union. PFCEE closed fundraising in 2007.
The portfolio, in Czech Republic, Poland, Romania and Hungary, was sold to Luxembourg-based CPI Property Group, owned by Czech billionaire Radovan Vitek.
Roland Bebcak, head of CEE divestments at CBRE Global Investors, said “sizeable investments” in Poland, Czech Republic and Hungary were “firmly back on investors’ agendas.”
He said: “The portfolio attracted a lot of interest as a result of its CEE wide composition and dominant retail exposure.”
The 265,000 sqm portfolio includes the Olympia Plzeň Shopping Centre and Nisa Liberec Shopping Centre in the Czech Republic, and the Ogrody Shopping Centre in Poland.
There are also two Hungarian shopping centres, a Romanian shopping centre, complexes in Prague and Budapest, and two Interspar stores in Hungary.