News Article Czech Republic investment Pardubice real estate Retail Park
by Property Forum | Investment

The Pardubice Retail Fund has completed the largest Czech real estate deal so far this year involving a single building worth over €100 million. The value of the acquisition of the retail landmark in Pardubice has reached almost €124 million, reports.

The first Czech real estate deal with a price exceeding €100 million for a single building this year was the acquisition of the Palác Pardubice shopping centre. The value of the deal with the retail landmark of Pardubice has reached almost €124 million. No similarly large transaction has been announced in Prague so far this year, reports online daily "No other transaction with a value of over €100 million involving just one property has been concluded so far this year," commented Vojtěch Wolf, investment analyst at real estate consultancy Savills. The only exception so far has been the sale of a portfolio of shopping parks to Trei Real Estate.

Palác Pardubice originally belonged to the portfolio of the European investment group Atrium European Real Estate, now operating under the name G City Europe. The shopping centre in Pardubice was not one of the most important parts of the portfolio, so the original owner decided to sell the property. The new owner of Palác Pardubice is the investment fund Pardubice Retail Fund. One of its founders is the company Perrarus Plus. This group is planning to build another shopping and entertainment centre in Pardubice called Galerie Pernerka, right opposite the train station. Both Palác Pardubice and the future Galerie Pernerka are located in Pardubice on the busy Palacký Avenue.