Germany property firm Commerz Real has announced the sale of a 50% stake in the Metropole Zlicín shopping centre in Prague to Unibail-Rodamco.
The centre, which was fully owned by the hausInvest open-ended property fund, will be held in a 50-50 joint venture with Unibail-Rodamco being in charge of asset and property management.
The transaction took the form of a share deal whose details were kept confidential.
The deal reinforces Unibail Rodamco's presence in the Czech capital where it already owns two malls, Centrum Chodov and Cerny Most.
'With the joint venture we are laying the basis for a profitable and successful partnership,' said Roland Holschuh, member of the board of managing directors of Commerz Real. 'Unibail-Rodamco has the expertise, the necessary local networks and the personnel resources to expedite the best-possible value development of the property.'
Metropole Zlicín has been in the portfolio of hausInvest since 2004. It provides 56,000 m2 of lettable space in the western part of Prague, and is fully let with anchor tenants such as C&A, H&M, Ahold and Decathlon.
Commerz Real was advised by JLL, law firm Giese & Partner and the TPA Group. Unibail-Rodamco was assisted by Dentons, Clifford Chance and KPMG.
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Wednesday, 25 October 2017
Colliers International, 50 George Street, London, W1U 7GA, United Kingdom | 08:00 - 10:30
Will foreign investors continue to target the region and why? What shifts in the origin of invested capital are or will we see? Which countries, cities and sectors are they likely to favour?
Speaker at this event include
Mark Robinson
CEE Research Specialist | CEE Colliers International
Robert Sztemberg
Head of Berlin Hyp Warsaw Office Berlin Hyp AG, Poland
Dr. Martin Sabelko
Managing Director Austria Warburg-HIH Invest Real Estate GmbH, Austria
Luke Dawson
Managing Director & Head of Capital Markets CEE Colliers International, Czech Republic
Attendance is free but numbers are strictly limited.
