Pan-European fund manager Aerium has sold a shopping centre in the Czech city of Brno to CPI Property Group, a CEE-focused real estate investment company.
The investment volume was not disclosed, but local media sources indicated the shopping centre traded for about CZK 1.6 bn (€100 mln).
Built in 2004, Kralovo Pole Shopping Centre comprises a two-level gallery with 78 shops and a food court, providing a total of 26,500 m2 GLA plus 900 parking spaces. It is anchored by a Tesco Hypermarket.
'Having executed successfully our active value-add asset management programme, we are handing over Kralovo Pole Shopping Centre in prime condition to CPI Property Group,' commented Charles Edouard Castella, executive director of Aerium.
'This unique asset benefits from an exceptional covenant providing long-term stable income as well as a building permit for a further 12,000 m2 GLA expansion. We look forward to seeing the centre continue to prosper for years to come.'
‘The acquisition of Kralovo Pole Shopping Centre will boost the total number of the shopping centres in our portfolio to 21,' said Tomáš Salajka, director of acquisitions, asset management & sales, CPI Property Group. 'We are well prepared to integrate the new asset into our management and to work on long term strategies enabling us to remain fully competitive in the current and future environment.'
CBRE advised Aerium on the sale of the asset.
