Hamburg-based ECE Real Estate Partners and Rockspring Property Investment Managers have sold the Olympia shopping centre in the Czech city of Brno to Deutsche EuroShop for €374 mln.
The transaction is expected to complete by the end of March.
Rockspring, acting on behalf of a separate account mandate, and ECE Real Estate Partners, on behalf of the ECE European Prime Shopping Centre Fund, acquired the asset in 2011 in a 50:50 joint venture. ECE Projektmanagement has managed the shopping centre since then and will remain responsible for the management and leasing after the sale to Deutsche EuroShop.
With a leasable area of around 85,000 m2 and more than 200 shops, Olympia is the largest regional shopping centre in the Czech Republic. ECE Real Estate Partners and Rockspring's asset management programme saw 170 new leases signed over the past five years, increasing the footfall and sales in the centre.
JLL advised the vendors.
