Rodamco Europe NV and AM NV (Amstelland MDC) have opened the new shopping center 'Centrum Chodov' in Prague, Czech Republic, last Tuesday 8 November. This regional shopping center, fully owned by Rodamco Europe, has a GLA of approx.
55,000 m² retail space and is expected to attract 12 million visitors per year. The total investment in 'Centrum Chodov' is €138 million, producing an estimated net initial yield
of 9.2%.
Mr. Maarten Hulshoff (in the middle of the photo), CEO Rodamco Europe, addresses the attendants at the opening ceremony of Centrum Chodov, Prague.
'Centrum Chodov', in the southeast of Prague, has a regional function and is targeted to reach potential customers in the whole south-east region of Prague with an extensive offer of shops and services. The Phase I coming into operation today includes approx. 55,000 m² retail space for shops, cafés and restaurants, a sports center, children's corner and other entertainment space. There are 2,600 parking places. The shopping center has good connections to the surrounding neighborhoods since it is linked to the Chodov underground station Prague 11 and has a direct access from the D1 motorway.
The center consists of a hypermarket, Hypernova, of
13,000 m² and other anchor tenants such as C&A, H&M, Marks & Spencer and Zara.
Initiator and owner of the shopping center 'Centrum Chodov' is Rodamco Europe, the largest publicly listed property investment and management company in the retail sector in Europe. Rodamco Europe and AM agreed on the development of 'Centrum Chodov' Phase I in 2004. AM is a leading Dutch developer, with extensive experience from similar multi-functional projects in several European countries. Central Europe is an important growth market for both companies.
The project was started in May 2004, took 18 months to build and represents a total investment of around 4 billion Czech crowns ( 138 million). More or less 100% of the retail space has been leased until now.
In the future 'Centrum Chodov' could be extended by another two phases, which include development of shopping-, office- and residential areas with a total of approx. 75,000 m² (50,000 m² in Phase II and 25,000 m² in Phase III).
CEO Maarten Hulshoff of Rodamco Europe: "'Centrum Chodov', together with our operational shopping center Centrum Cerny Most, and future Arkady Pankrác, which we just added to our committed pipeline portfolio, underscores our commitment to invest in Prague and is in line with our strategy to focus on top quality retail in key European cities."
Vice-chairman Hans van Veggel of AM: "AM focuses on further growth in shopping center development, especially in Southern and Central Europe, and Turkey. AM Development has been active in the Czech Republic since 2001. We finished the Olympic center in Plzen and Olomouc in 2004. 'Centrum Chodov' is our largest development in Central Europe. We are strengthening our portfolio in this region and will bring more new retail environments to fruitation."
Source: AM NV
Read Fact Sheet Centrum Chodov
