TREI Real Estate, the property arm of German family-owned Tengelmann Group, has completed the sale of a portfolio of retail properties to Czech real estate company CPI Group. The parties agreed to keep financial details confidential.
TREI Real Estate, the property arm of German family-owned Tengelmann Group, has completed the sale of a portfolio of retail properties to Czech real estate company CPI Group. The parties agreed to keep financial details confidential.
The 10,900-m2 portfolio includes nine supermarkets in the Czech Republic leased to Penny Market or Billa for in excess of 10 years. The assets are located in the cities of Dobøíš, Holešov, Holice, Jablonec nad Nisou, Liberec, Øíèany, Semily, Tanvald, and Turnov.
'TREI have capitalised on the value of its portfolio of standing assets in order to invest in their pipeline of Vendo Park developments in the Czech Republic and Slovakia,' commented Björn Fraeb, head of Portfolio Management & Business Development at TREI Real Estate.
'CPI Group has acquired a geographically diverse portfolio providing solid income secured against the excellent covenants of Penny and Billa for in excess of 10 years,' said Martin Nìmeèek, Director of Acquisitions, CPI Group.
TREI was advised by Colliers International on the deal and was legally supported by CMS Cameron McKenna. Kinstellar acted on behalf of CPI Group.
