Monday, 15 December 2014
Meyer Bergman Managed Fund acquires shopping center in Czech Republic’s Hradec Králové for €87.6 mln (CZ)
A value-add fund advised by Meyer Bergman, the pan-European retail-focused real estate investment manager, has acquired Futurum Hradec Králové shopping center in the Czech Republic for €87.6 mln. The sellers of the property are GE Capital, Heitman and TK Development.
Markus Meijer, CEO of Meyer Bergman said: “Meyer Bergman has first-hand experience of the asset in-house, providing us with insight into how we can enhance the center’s operational performance. Meyer Bergman funds have invested actively in shopping centers in the Czech Republic, which continue to trade well because of their dominance in their catchment areas. It is in line with our strategy of focusing on destination retail locations across Europe because of their resilience in consistently attracting shoppers and new retail concepts.”
The 28,250 m² shopping center acquired by Meyer Bergman European Retail Partners II (MBERP II), is located in Hradec Králové, 110 km east of Prague. The shopping and leisure center is fully occupied and is anchored by a 14,400 m² Tesco hypermarket, a multiplex cinema and comprises 110 stores occupied by brands including Tommy Hilfiger, H&M and Adidas. The center also provides free parking for 1,350 vehicles.
Meyer Bergman’s first and fully invested fund, MBERP I, currently owns and manages shopping centres in the Czech cities of Ostrava and Usti that it acquired in September 2011.
MBERP II raised a total of €750 mln of equity and had its final close in summer 2014. The fund’s portfolio includes prime retail buildings on Bond Street, Piccadilly and Queensway in London, on the Champs-Elysees in Paris, Kobmagergade in Copenhagen, two Karstadt department stores in Berlin and the forward purchase of the Westfield Broadway shopping center development in Bradford, northern England.