CPI Property Group anticipates the acquisition of a retail portfolio located in the Czech Republic, Hungary, Poland and Romania from funds managed by CBRE Global Investors. If completed, this can become the largest real estate deal of the region in 2017.
CPI Property Group has announced that it has entered into a framework agreement under which subsidiaries of CPI Property Group will acquire the high-quality retail portfolio of predominantly 11 shopping centres located in the Czech Republic, Hungary, Poland and Romania from two funds managed by CBRE Global Investors.
The completion of the transaction is principally subject to antitrust approval in the Czech Republic and Hungary. The company shall file the relevant antitrust applications within the next couple of days. The closing of the transaction is anticipated in the first quarter of 2017.
The portfolio with a total leasable area of approximately 265 thousand sqm primarily consists of:
Regionally dominant shopping centres:
- Olympia shopping centre, including adjoining Retail Park (Plzen, Czech Republic)
- Nisa shopping centre (Liberec, Czech Republic)
- Ogrody shopping centre (Elblag, Poland)
- Felicia shopping centre (Iasi, Romania)
- Polus shopping centre (Budapest, Hungary)
- Campona shopping centre (Budapest, Hungary)
Mix of prime high-street and office space:
- Zlatý Anděl (Prague, Czech Republic)
- Andrássy Complex (Budapest, Hungary)
- Interspar (Zalaegerszeg, Hungary)
- Interspar (Nyiregyhaza, Hungary)
Martin Němeček, CEO of CPI Property Group, said: “This transaction, which might be the region’s largest real estate deal of the year, signifies yet another milestone for CPI Property Group that underscores our ability to deliver exceptional transactions within the current competitive environment.”
Tomáš Salajka, Director of Acquisitions, Asset Management & Sales, added: “The portfolio will more than double the leasable area in shopping centres under our management to approximately 430 thousand sqm and boosts the total number of the shopping centres in our portfolio to 20. It fully fits into CPI Property Group’s current strategy, enabling us to extend services to our retail tenants.”