Atrium closes €162m acquisition of 75% share in Czech mall

Listed CEE retail property specialist Atrium European Real Estate has completed the acquisition of a 75% interest in a Prague shopping centre for €162 mln.

The share in the Arkády Pankrác centre was purchased from Unibail-Rodamco SE, in a transaction signed in January and closed this week. The centre comprises 38,200 m2 of retail GLA with around 120 tenants, primarily oriented towards the fashion sector, as well as an Albert Hypermarket.

Unibail-Rodamco said the investment volume reflected a net initial yield of 5.65%.

Cushman & Wakefield advised Atrium on the acquisition. Alexander Rafajloviè, of C&W’s Czech Republic office, said: ‘This deal signifies the fact that established shopping centres with strong track record are currently the most sought after and liquid asset class in Central Europe.’

In April Atrium’s new CEO, Josip Kardun, told PropertyEU the company was seeking to expand in its core CEE countries and consolidate its position as the leading owner and operator of food-anchored shopping centres.

Vienna and Amsterdam-lised Atrium has made a number of acquisitions this year including the 41,200 m2 Focus Mall in Bydgoszcz, Poland, for €122 mln and the 20,900 m2 AFI Palace in Pardubice, Czech Republic, for €83 mln. At end-2014 the company’s portfolio of 151 properties was valued at €2.6 bn.