Listed Mauritius-based investor Rockcastle has entered the Czech property market with the acquisition of Forum Liberec, a regional shopping centre in North Bohemia, from British retailer Tesco for around €80 mln.
The 47,000 m2 centre is tenanted by retailers including Tesco, Cinema City, C&A, Datart, Gant, H&M, Lindex, New Yorker, Nord Blanc, Norma, ProBest, Reserved, Sportissimo and Tiger. Attracting over 12 million visitors a year, Forum Liberec has the highest footfall in the region.
Rockcastle, which already owns six retail centres in Poland, said that the acquisition is part of its strategy to expand in CEE countries such as Poland, Czech Republic and Hungary through the acquisition of existing assets and retail development sites.
Spiro Noussis, Chief Executive Officer of Rockcastle Global Real Estate, said: 'It is very exciting to have acquired our first retail centre in the Czech Republic and we believe that the tenant profile can be further strengthened.'
JLL advised the buyer on the deal.
