CBRE Global Investors has acquired, on behalf of a separate account client, Prague’s Letňany Shopping Centre from Tesco. The value of the transaction has not been disclosed.
Letňany Shopping Centre, built in 1999, comprises 63,478 sqm of retail and 3,551 sqm of office space, along with a 1,791 sqm petrol station and 3,200 parking spaces. The centre is anchored by Tesco’s flagship store in Czech Republic. The store has recently undergone a comprehensive refurbishment and Tesco has committed to the centre by signing a long-term lease for the hypermarket and office space totalling 16,315 sqm. There are 160 units and other tenants include Cinema City, H&M, C&A, Datart, Zara and SportsDirect.
John Mulqueen, head of transactions EMEA, CBRE Global Investors, adds: “CEE is a very important region for our business, our local team completed approximately €1 billion of transactions during 2016. We continue to have a strong appetite for assets of this quality and a significant amount of capital to invest in the region on behalf of our clients during 2017.”
CBRE Global Investors was advised by Clifford Chance and CBRE. The seller was advised by Wilson & Partners and Cushman & Wakefield.