REICO buys Ostrava shopping centre

Mark Gamble, Head of Asset Management at Meyer Bergman, said: “The Meyer Bergman and HOOPP joint venture acquired the Nová Karolina new development just prior to its opening in 2012 and we have successfully established it as the dominant regional shopping centre since. On every key metric of investment value from turnover to footfall and management of leases and the introduction of new tenant brands, we have achieved significant year-on-year growth and quality improvement in the asset. The results of this carefully implemented asset management program have now been crystallized into solid returns for our investors through the sale.”

 

Alexander Rafajlovič, Partner at Cushman & Wakefield’s CEE Capital Markets team commented: “The sale of Forum Nová Karolina marks an important milestone in the consolidation of the retail business as it has been one of the last opportunities for investors to acquire a relevant place in the Czech market.”

Meyer Bergman European Retail Partners (MBERP) acquired the 58,500 sqm shopping centre in a portfolio with Forum Ústí nad Labem in 2011 in partnership with Healthcare of Ontario Pension Plan.

 

The centre opened in 2012 and currently attracts around 9.5 million visitors a year. The tenant roster includes Albert Hypermarket, Peek&Cloppenburg, H&M, C&A, Marks & Spencer, Reserved and Cinema City among 200 other tenants. Forum Nová Karolina is the premiere fashion shopping and urban leisure destination in Ostrava, the third largest city in the Czech Republic with a catchment area of cca. 600,000 inhabitants.

 

Kinstellar advised Helaba and ČSOB. The Kinstellar team was led by Klára Štěpánková (Partner) and Leo Javorek (Managing Associate).