Atrium snaps up Prague mall for EUR 191m

Central and Eastern European listed retail specialist Atrium European Real Estate has acquired the Palác Flóra shopping centre in Prague for EUR 191 mln.

Atrium bought the prime retail hub from AFI Europe and Avestus Capital Partners (formerly Quinlan Private) in a deal which marks the largest real estate transaction in Prague this year.

Palác Flóra, a 38,000 m² retail hub, boasts 20,000 m² of fully-let retail outlets, three separate towers of office space and an eight-screen cinema complex. Atrium believes it can boost returns due to the operational efficiencies and economies of scale provided by integration into its wider portfolio.

Atrium was advised on the deal by property adviser CB Richard Ellis. Sellers AFI and Avestus were advised by law firm Salans. The transaction takes Atrium's Czech portfolio to 98 properties, representing around 23% of its total portfolio by value.