A fund established by Meyer Bergman has sold Forum Ústi nad Labem shopping centre in the Czech Republic to New Europe Property Investments for €82.6m.
Mark Gamble, head of asset management at Meyer Bergman, said: “Since acquiring the asset, we have improved the tenant mix and cashflow performance while cementing its position as the dominant shopping centre in Northern Bohemia. This has enabled us to bring in 30 new brands, many of them international, as we carried out the first wave of lease renewals. With the city-centre asset well-established in its catchment area, it was time to crystallise value for our investors.”
Meyer Bergman European Retail Partners acquired the 27,800m2 shopping centre in a portfolio with Forum Nová Karolina in Ostrava in 2011 in partnership with Healthcare of Ontario Pension Plan. UniCredit provided debt financing.
Forum Ústi nad Labem is one of the 10 busiest shopping centres in the Czech Republic, attracting 8.6 million visitors a year. Its anchor tenant is the Billa supermarket chain, while other occupiers include Adidas, H&M, C&A, New Yorker, Tommy Hilfiger, Nike, Deichmann and a five-screen Cinema City. Ústi nad Labem is close to the German border, is an important junction in the pan-European railway network and on the route of the main motorway linking Prague to Berlin.
This is the second disposition by Meyer Bergman on behalf of the MBERP fund following last year’s sale of a 50% interest in the Bentall Centre in Kingston-upon-Thames, near London, to an Asian institution. Advising MBERP on the disposition were Cushman Wakefield, Tomsa, and PWC. Advising NEPI on the acquisition were Clifford Chance and E&Y.
