German real estate investor Peakside Capital has completed the disposal of the last properties in its portfolio of 72 small retail assets in the Czech Republic.
The 177,000 sqm GLA portfolio, which was acquired by Peakside in January 2015, mainly comprises convenience stores leased to such tenants as Albert, Penny Market, Teta Drogerie and Lidl. Over the last six years, the properties have been managed by Peakside’s local Czech AM team, supported by investment management specialists based in the company’s Warsaw office. Peakside has implemented a number of value-add initiatives, including lease-up, refurbishment and the acquisition of additional plots to allow freehold land ownership.
The properties were sold between 2015 and 2021 via 38 independent transactions to 35 buyers, including both institutional real estate players as well as private individual investors. The total disposal proceeds from the transactions exceed €90 million.
“Our strategy for this portfolio was based on a ‘wholesale to retail’ approach – we prepared a detailed business plan for every single asset, allowing us to maximise its value and achieve our strategic goals. The execution of this deal clearly confirms the strong management and transaction capabilities of the Peakside team. The Czech Republic in our view is still a very attractive market for new investment, similar to Poland, where we currently focus on the industrial and logistics sector,” says Michał Nawrot, the principal of Peakside Capital Advisors responsible for the management of this investment.
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