After an acquisition of complementary retail assets this year, Immofinanz is again expanding its retail portfolio in the Czech Republic with the acquisition of two properties from CPI Property Group. As the CPIPG holds roughly 77% of Immofinanz shares, this acquisition legally represents a transaction with related parties.
“The Czech retail market offers attractive growth opportunities, also in the current environment. International retail chains are continuing their expansion course, and we can benefit even better from this situation in the future. The transaction reflects our strategy to strengthen our resilient and high-yield retail portfolio, further expand our leading market position in the region, and improve our earning power with stable rental income of roughly €12 million per year,“ explained Radka Doehring, member of the Immofinanz Executive Board.
The Olympia Pilsen Shopping Center and a retail park are the two properties involved in the acquisition. They have a combined value of €165.5 million and generate annual gross rental income of approximately €12 million. The usable space in both fully rented properties totals roughly 49,200 sqm.
The Olympia Pilsen Shopping Center is located on the southeast border of Pilsen and is the largest shopping and entertainment center in Western Bohemia. It has more than 120 shops on 41,000 sqm of space, including the Albert-Hypermarkt, a CineStar movie theatre and nearly 1,400 parking spaces. The center, which opened in 2004 and was redesigned in 2008, is one of the most popular shopping centers in the Czech Republic. That makes the Olympia Pilsen Shopping Center an attractive target for fashion brands like Hennes & Mauritz, New Yorker, C&A, M&S, Humanic, Tommy Hilfiger, Tiger, Iwant, Superdry, Replay, Orsay, Gant, s.Oliver, Steilmann and many more.
