The Trikaya real estate group has completed the modernisation of the Řepy Shopping Center in Prague and sold the entire project to the investment fund Pragorent.
The Řepy shopping centre, which was purchased by the Trikaya group at the end of 2017, underwent extensive renovation between 2020 and 2022. This included the complete reconstruction of the original buildings and their interconnection, resulting in an integrated and modern shopping complex. The leasable area increased from 11,800 sqm to 14,600 sqm. The centre achieved the BREEAM Excellent certificate.
In addition to the functional and aesthetic form, the composition of the tenants was also transformed. This year, for example, a branch of Generali Česká pojišťovna or stores of the Planeo and WafWaf chains were added. In addition to 70 rental units, the centre also includes a food zone and more than 1,500 sqm of office space occupied by the laboratory of Dr. Max.
"We will soon complete the shopping centre with a photovoltaic power plant on the roof of the building," said Vladimír Mikeš, Deputy Chairman of BoD at Pragorent. Knight Frank represented Pragorent in this transaction deal closed at the beginning of July.
“Location and property quality are a 'must have' for investors at all stages of the business cycle. However, currently, in a time of expensive money, the OC Řepy transaction illustrates other requirements of investors: first, the necessary equity for the investment should remain within their financial capabilities, as capital resources are limited; secondly, the net return on the property should exceed 10% with the help of financing, so that the return on the real estate is justified against bond and money market returns," added Vítězslav Doležal, Director in the investment team at CBRE, who provided expert advice to Trikaya during the transaction. Both parties decided not to comment on the amount of the transaction.
