Palmer Capital has invested €102.6m ($115.3m) in a Czech retail portfolio sold by Atrium European Real Estate.
Atrium said the portfolio of 10 retail assets was sold to a private client account managed by Palmer Capital.
The 86,200sqm portfolio was sold at 8% above its June 2015 book valuation.
Josip Kardun, chief executive at Atrium, said the sale continues the company’s process of divesting “legacy non-strategic assets” in the Czech Republic.
“It is another significant step forward in our strategy of reweighting our portfolio and income towards well-established, dominant shopping centres, where we see greater opportunities to create value,” Kardun said.
Atrium has in the past 15 months sold two large-scale prime shopping centres and 87 smaller non-strategic assets.
Despite the reduction in the company’s Czech portfolio, Atrium said it had slightly increased its exposure to the country, which now accounts for around 18% of its total portfolio.
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