Rockspring Property Investment Managers and ECE Real Estate Partners are selling a retail asset in the Czech Republic for €374m.
The Olympia shopping centre in Brno, the largest regional shopping centre in the Czech Republic, is being bought by Deutsche EuroShop, a listed property company.
The deal is expected to close this month, less than a year after media reports suggested the asset was up for sale.
Rockspring, on behalf of a separate account mandate, and ECE’s European Prime Shopping Centre Fund, bought the 85,000 sqm asset in 2011 from The Somerston Group for a reported €250m.
The centre, which has around 200 tenants, has been managed by ECE Projektmanagement, which will remain responsible for management and leasing after the sale to Deutsche EuroShop.
ECE Real Estate Partners and Rockspring said their joint venture had introduced new store concepts and anchor tenants prior to the sale, with around 170 new leases signed.