News Article Bluehouse CBRE Czech Republic investment mall Prague retail shopping
by Property Forum | Investment

Bluehouse completed the acquisition of Novodvorska Plaza shopping centre in Prague. CBRE represented the buyer in the off-market acquisition of the 25,000 sqm shopping centre.

Novodvorská Plaza opened in 2006 to serve a large population of several housing estates in Prague 4 and Prague 12: Lhotka, Kamýk, Modřany and Libuš, which, combined, represent over 150,000 residents within a 10-minute public transport radius, which translates into 5 million annual footfall for the centre. The shopping centre is ca. 26,000 sqm and provides 70+ retail units anchored by a Tesco hypermarket, H&M, Lindex, New Yorker, Pepco, CCC, Deichman, Datart and Sportissimo.
“Novodvorská Plaza, which was brought to our attention and recommended as an investment opportunity by the CBRE Retail team, is an excellent expansion of our portfolio in the Czech Republic. The shopping centre is perfectly suited to our fund's repositioning strategy and our focus is on further investment into the centre to create a modern retail destination for the surrounding community,” says Iain Fanthorpe at Bluehouse.
“Czech retail assets are usually owned by landlords with long term holding strategies and as such, they rarely trade. This fact combined with the lack of new supply leads to the Czech market suffering from a lack of good quality retail investment opportunities. Klepierre sold Novodvorská Plaza after a 12 year holding period, hence we are glad to be able to improve the liquidity of the Czech market by mediating the transaction for both parties,” comments Vítězslav Doležal, Associate Director Investment Properties at CBRE.