by Ákos Budai | Investment

CA Immo has concluded an agreement with WOOD & Company to sell the Šestka Shopping Center in Prague, continuing its strategic withdrawal from segments that do not belong to the core business. The centre covers more than 27,300 sqm of retail space and had been part of the asset portfolio of CA Immo since 2011. The buyer is a fund of WOOD & Company, the leading investment bank in Emerging Europe. The transaction, which is subject to the standard conditions precedent, is expected to be closed within the next weeks. It was agreed not to disclose the purchase price. Law firm Clifford Chance Prague advised the seller on the disposal.


Frank Nickel, CEO of CA Immo: "Since 2012 we have been focusing our asset portfolio continuously on large, modern office properties in the strategic core markets of Austria, Germany and CEE. The proceeds from these non-strategic sales are mostly reinvested in our current development projects in Germany and new acquisitions in CEE such as the recently announced purchase of the Millennium Towers in Budapest. Target is to drive up the quality of revenue delivered by our asset portfolio and to strengthen our market position in all our core markets."
 
Vladimír Jaroš, CEO of WOOD & Company: “Šestka Shopping Center is already the second sizable acquisition in Prague retail market WOOD & Co is about to complete for our fund investors. The first such acquisition was Harfa Shopping Center, which the WOOD & Co fund acquired mid this year.”
 
Šestka Shopping Center offers around 100 shops, a large Albert hypermarket and a mix of retailers as well as a food court. It is located within a residential Prague 6 area, in proximity to Václav Havel Airport.