ING Real Estate Development has sold its new shopping center Galerie Butovice in Prague to the Australian investors Babcock & Brown for an exit yield of 8.25%. The investment was a total of â¬100 mln. About 96% of the retail space has been let already.
The multifunctional center was opened on March 18. Besides shops and catering units, the center also has an aquarium and an 8-floor office building. The branches in the shopping center are mostly fashion and sports. It also has some leisure functions like a bowling alley and the aquarium.
Galerie Butovice comprises 38,000 mÂ² of retail, including a Hypernova and 9,000 mÂ² of office space. The complex also has an underground parking garage with space for 950 cars and 450 parking spaces outside.