News Article Croatia Czech Republic investment retail ZDR
by Property Forum | Investment

Czech real estate fund ZDR Investments has bought the Galeria Bakar shopping park in Rijeka, Croatia, for €40 million. Part of the shopping park has already been completed and another one will be ready within a year. The acquisition brings the fund's portfolio to 39 properties with a value in excess of CZK 10 billion (over €411 million), the group reports on its website.

With a lettable area of 30,579 sqm and 550 parking spaces, Galerie Bakar is the largest retail park in the Rijeka area, neighbouring islands and the Gorski Kotar region, according to ZDR Investments. Completed and officially opened in April 2023, the centre is now easily accessible and is located in the rapidly developing Kukuljanovo commercial zone. The original regional brownfield site has been gradually expanded in recent years into a strategic industrial and commercial centre, which is expected to create a total of 10,000 new jobs over time. The construction of the Bakar Gallery has now added 350 jobs to the zone.

Built to the latest standards, Gallery Bakar offers space for 15 tenants in its just-opened first phase.  In a typical retail park concept, each tenant has a direct separate entrance from the extensive car park. Major tenants include international food conglomerate Interspar, Harvey Norman, JYSK, Tedi, Bipa, Müller, Deichmann, Takko, ZOO City and Hervis. 

The project was built by the Austrian development group MID-Bau on a plot of land with a total size of almost 70,000 sqm. In 2024, the second phase of the retail park will be completed, with an additional 11,000 sqm of leasable area. Upon completion and opening, the second phase will also become part of our real estate portfolio.

Roman Latuske, partner at ZDR Group, commented on the acquisition: "This acquisition strengthens our position in Croatia and brings another large property with a high return on invested capital to our portfolio. The acquisition brings the share of foreign properties (i.e. Austria, Germany, Croatia and Slovakia) of our qualified investor fund to over 50%."