A new fund managed by Upvest and the investment company RSJ have secured a quarter share in the Černý Most shopping centre in Prague, reports Hospodářskénoviny.cz.
The majority owner of the third largest domestic shopping centre remains the French company Unibail-Rodamco-Westfield. The new fund will become its minority co-owner. "The buyer of a quarter share is the CCM fund, and the investment manager is the company Upvest from the Komerční banka group," said David Musil, Executive director at Upvest. The main investor, which participates in the fund's investment and management, is the RSJ investment group. The fund paid approximately CZK 3.5 billion (€139.3 million) for the stake.
The CCM fund can increase its one-quarter share to 49%. The new fund is planned to be opened next year to other qualified investors, whose capital will gradually increase the stake in the shopping centre.
The shopping centre owner is planning its significant expansion, which will make OC Černý Most the second largest shopping centre after Westfield Chodov, owned by the same French group. According to Hospodářské noviny, it is also looking for partners for its other shopping centres, including the Metropole Zličín complex in its portfolio.
