Czech mutual fund ČS nemovitostní buys Nová Karolina mall

The Nová Karolina shopping centre in the Czech Republic has been sold to ČS nemovitostní, a mutual fund managed by Reico.

In 2011, Healthcare of Ontario Pension Plan (HOOPP) through a joint venture with Meyer Bergman European Retail Partners I acquired the Nová Karolina retail asset in Ostrava together with another shopping centre in the north of Prague for €300m.

The partnership said it has now sold the shopping centre in Ostrava to the country’s largest mutual fund for an undisclosed sum.

Nová Karolina has over 58,000sqm of gross lettable area and comprises of 277 retail units.

Mark Gamble, the head of asset management at Meyer Bergman, said: “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.

“On every key metric of investment value from turnover to footfall, management of leases and the introduction of new tenants and brands, 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.”