ARTICLES LABELLED WITH TAG retail

€1280 million was invested in commercial real estate in the Czech Republic in the first quarter of 2017. This is the largest ever amount of investment registered for a first quarter. The result is mainly attributed to three major transactions: the sale of the Letňany Shopping Centre the CBRE GI portfolio and the change of the Olympia Brno owner. The Czech National Bank’s exit from currency interventions should not slow the strong demand for commercial real estate down.  

Johannesburg Stock Exchange (JSE) listed Polish property group Echo Polska Properties (EPP) raised approximately ZAR2.2 billion (around €150 million) in an accelerated bookbuilding through the placing of app. 119 million new shares at a price of ZAR18.50 per share. Capital will be used to previously announced acquisitions and for further M&A opportunities in the retail segment within Poland.

CPI Property Group announced that its subsidiaries have acquired a retail portfolio with the value of approx. €650 million consisting of predominantly 11 shopping centres located in the Czech Republic, Hungary, Poland and Romania with a total leasable area of approximately 265,000 sqm from two funds managed by CBRE Global Investors. The closing of the deal was completed on 29 March, 2017. 

Echo Polska Properties NV (EPP) and Echo Investment are buying Galeria Młociny in Warsaw from Rosehill Investments. The companies will pay nearly €42 million (including the liabilities of the company being the subject of the transaction) for the project which is already under construction. 

The EBRD is joining forces with Mid Europa Partners to strengthen Romanian supermarket and convenience chain Profi Rom Food S.R.L. by providing a €25 million equity investment. Profi operates around 523 stores in more than 272 localities throughout Romania. The EBRD’s financing will support a further expansion of the network, particularly into the country’s smaller towns.

Deutsche EuroShop AG has signed a purchase agreement for a shopping centre in the Czech Republic and approved a capital increase excluding subscription rights of up to 4.7 million new shares.

Pradera, a retail property fund and asset manager, has announced the first closing of the Pradera European Retail Parks SCSp, a Luxembourg fund. In a €900 million transaction agreed with IKEA Centres, the Fund has signed a contract to acquire 25 prime retail parks next to IKEA stores in eight European countries, including Poland and the Czech Republic.

The ceremonial laying of the cornerstone for Ada Mall, GTC’s latest retail investment in Belgrade, was held on 6 March 2017. The opening of the 34,000-sqm mall is scheduled for autumn 2018.

The Octava FIZAN fund is in the process of acquiring a portfolio of 11 office and retail assets in Poland, including Onyx in Kraków and Centrum Krakowska 61, Renaissance Tower and Eureka Park in Warsaw, from two BPH FIZ funds. Savills is advising the buyer on the transaction, which is expected to be finalized by the end of H1 2017. The parties did not reveal the value of the acquired assets, but the estimated value significantly exceeds €100 million.

pbb Deutsche Pfandbriefbank, Helaba and ING Bank have jointly underwritten an increase to an investment facility, totalling €67 million, to refinance Focus Mall Zielona Gora in Poland. This facility is in addition to a €164 million facility granted by the same banking consortium in 2016, for the Karolinka, Pogoria and Platan Shopping Centres in Poland. The assets are owned by Rockcastle Global Real Estate Company Limited. The transaction closed in February 2017.