Global property investment manager Invesco Real Estate has acquired a shopping centre in the Czech spa town of Karlovy Vary for EUR 49.6 mln, a net yield of 7%. The acquisition from Carpathian Properties s.a r.l. was made on behalf of Invesco's Central and Eastern European Real Estate II Fund (CEE II).
Global property investment manager Invesco Real Estate has acquired a shopping centre in the Czech spa town of Karlovy Vary for EUR 49.6 mln, a net yield of 7%. The acquisition from Carpathian Properties s.a r.l. was made on behalf of Invesco's Central and Eastern European Real Estate II Fund (CEE II).
The 18,000 m2 Varyada shopping centre comprises 73 retail units and has been fully let since opening in 2005. Key tenants include Interspar, New Yorker, Marks & Spencer, Orsay, Pompo and Hervis Sports. The property was developed by the Denmark's TK Developments.
Frank Pelzer, Fund Manager of the CEE II Fund, said: 'We are delighted to have secured this property, the sixth for the fund, which further helps to diversify its portfolio. With a fund volume of about EUR 300 mln and a target of up to EUR 500 mln, we are continuing to seek further acquisitions in the region in the near future including additional retail investments.'
The CEE II Fund was launched by Invesco for institutional investors in 2004.
