A new fund managed by Upvest and the investment company RSJ have secured a quarter share in the Černý Most shopping centre in Prague, reports Hospodářskénoviny.cz.
The majority owner of the third largest domestic shopping centre remains the French company Unibail-Rodamco-Westfield. The new fund will become its minority (25%) co-owner.
"The buyer of a quarter share is the CCM fund, and the investment manager is the company Upvest from the Komerční banka group," said David Musil, Executive director at Upvest. The main investor, which participates in the fund's investment and management, is the RSJ investment group. The fund paid approximately CZK 3.5 billion (€139.3 million) for the stake.
In connection with the entry of a new fund of RSJ investment group and Upvest and extension of SC Černý Most, a club loan of €268,000,000 has been provided by Erste Group together with Česká spořitelna, ING Bank, and Komerční banka.
Erste and Česká spořitelna hold the largest stake in this transaction supporting Unibail-Rodamco-Westfield's investment into expanding and modernising the shopping centre.
This investment will enhance the centre's retail, dining, and entertainment offerings, reinforcing its position as a premier shopping and leisure destination. The expansion of Centrum Černý Most will bring 37 new shops into the centre by 2026. The development will also introduce a state-of-the-art Dining Plaza, featuring 22 restaurants, and three premium VIP cinema halls with advanced laser projection.
The CCM fund can increase its one-quarter share to 49%. The new fund is planned to be opened next year to other qualified investors, whose capital will gradually increase the stake in the shopping centre.
