Hannover Leasing has announced the acquisition of the largest downtown business and shopping centre in the Czech Republic for more than EUR 500 mln. The Palladium is centrally located in Prague's inner city, and includes about 19,500 m[sup]2[/sup] in office space, 200 stores plus cafes and restaurants on more than 39,000 m[sup]2[/sup].
Hannover Leasing has announced the acquisition of the largest downtown business and shopping centre in the Czech Republic for more than EUR 500 mln. The Palladium is centrally located in Prague's inner city, and includes about 19,500 m2 in office space, 200 stores plus cafes and restaurants on more than 39,000 m2.
'Underlying the transaction is a property value of more than EUR 500 mln. The purchase of the Palladium is not only the largest single transaction in the corporate history of Hannover Leasing, but is also the biggest transaction for any single property in Central Europe,' the Munich-based company said.
The mall is scheduled to open in October 2007. So far, more than 95% of the retail space and about 50% of the office space have already been let long-term. Main tenants in the retail sector include Marks & Spencer, Ahold, H&M, C&A, Nike, Next, Esprit, Reserved, Deichmann, the Bachus Group restaurant and the Italian fashion chain Conbipel.
The Palladium’s project developer is European Property Development (EPD), one of the leading real estate developers in Eastern Europe. The mezzanine financing for the purchase price was made available by Landesbank Hessen-Thüringen. The bank has a 75% interest in Hannover Leasing, with the remainder held by the management of Hannover Leasing.
