Shopping centre redeveloper G City Europe has completed the purchase of a remaining 25% stake in the Arkády Pankrác shopping centre in Prague, Czech Republic, for €60.5 mln.
The company financed the transaction with UniCredit Bank Czech Republic and Slovakia and raised a E112 mln secured five-year loan, while the remaining part of the proceeds will be used to repay debt.
The transaction includes the adjacent land plot of 5,400 m2 with building rights of 22,500 m2.
Following the latest operation, G City Europe now owns 100% of the Arkady Pankrac Shopping Center.
Opened in 2008, it is one of the largest shopping centres in Prague with 125 shops.
It is 96% leased to tenants like Gant, Calvin Klein, Guess by Marciano, Pierre Cardin, and Coccinelle, while anchors include Anson’s, Datart, H&M and New Yorker.
The property offers 38,700 m2 of retail gross leasable area across three floors, in addition to 1,030 m2 of office space and 1,100 parking spaces.
Arkády Pankrác boasts excellent transportation connection and will soon also benefit from an interchange stop on the second metro line currently under construction.
Prague-based ECE will continue managing the shopping centre.
