The Investika open real estate fund has made its first retail property acquisition with the purchase of the Galerie Butovice shopping centre in Prague from Cromwell Property Group for an undisclosed amount.
Located in the Nove Butovice area, the asset is the sixth largest shopping centre in Prague with more than eighty tenants and an almost 100% occupancy rate. The centre, which has been reconstructed in 2016 and 2017, provides over 50,000 m2 spread over two floors, including a parking facility for 1,400 vehicles. Current tenants include Kika, Albert, H&M and Electro World.
The buyer was advised by CBRE.
'Acquiring the Galerie Butovice shopping centre meets the fund’s status requirements and proves our focus on premium assets with a stable long-term income. It’s the fund’s first retail-only acquisition, being at the same time its biggest property. This significantly improves our sector diversification where the office sector had a majority up to now,' said Vaclav Kovar, the fund’s portfolio manager and a member of the board.
