Central Europe-focused CTP Group has sold its retail arm CT Retail to DMO Invest for €40 mln, to concentrate on the development and management of its high-tech business parks, the CTPark Network.
'The portfolio consisted of 19 retail properties, including supermarkets, at various locations throughout the Czech Republic,' commented Michal Felcman, head of CTP's mergers and acquisitions team who managed the transaction over a period of nine months.
CTP plans to invest the proceeds from the sale to further support the expansion of CTP’s core business activities in Central Europe, with a target of expanding to 5 million m2 of lettable area by 2018.
The CTPark Network currently comprises over 4.1 million m2 of properties in more than 80 locations in central Europe.
'This transaction proves the increasing appetite of private investors to close large regional transactions. The market conditions continue to be favourable and local real estate keeps strengthening its position among other forms of investments,' said Jan Kovarinsky, founding partner at JK Advisory, acting as CTP's advisor in the off-market deal.
