The ING Property Fund Central Europe has bought the Nisa shopping center in the Czech Liberec. The center is fully let and has a surface of 28,600 m². The fund now has an invested capital of € 600m.
An amount has not been announced. CB Richard Ellis Amsterdam and Prague advised on the acquisition. ING Property Fund Central Europe is a non-listed fund, which is managed by ING Real Estate Investment Management. The fund invests in office and retail properties in the developing markets of Poland, Hungary and the Czech Republic. The fund strives for an IRR of 13.5% for the institutional investor with a life span of 12 years.
The shopping center Nisa was delivered in 1999 and is situated next to the main road of Liberec to Prague. The surface of 28,600 m² is divided over 76 retail units and the center has 1,240 parking places.