ING Real Estate has announced the acquisition of Nisa Liberec Shopping Centre, valued at €125 million, in the North Bohemian city of Liberec. Following extensive refurbishment and expansion, the property has now been added to the ING Property Fund Central Europe.
The shopping center was first built in 1999 and has doubled in size to over 50,000 m² of retail area. The number of retail units at Nisa Liberec Shopping Centre has been increased from 70 to over 160, attracting numerous new retailers. The extended car park now offers 1,800 parking spaces. As a result, Nisa Liberec is currently the largest shopping center in Northern Bohemia. One of the most prominent changes to the property is a new multiplex cinema with eight theaters and 1,200 seats. In total, 4,000 m² of leisure space was added.
Commenting on the acquisition, Will Rowson, Chief Investment Officer ING Real Estate Investment Management Europe, said: "We are delighted with the completion of this project. It shows the added value ING Real Estate can deliver based on its cross-division capabilities. The refurbishment and expansion of Nisa Liberec is a perfect example of how we put our expertise to work for investors."
Source: ING Real Estate