Trei Real Estate is developing its sixth retail park of the Vendo Park brand in the Czech Republic. The property is located in the small town of Mnichovo Hradiste, which lies around one hour’s drive north-east of Prague. The total investment costs add up to €2.6m, and the completion is scheduled for the second quarter of 2020. The company plans to keep the asset in its portfolio long-term.
The retail park will accommodate the established retailers Planeo (consumer electronics), dm (drugstore), Super Zoo (pet supplies) and Pepco (non-food, decoration, furniture, textiles). The new scheme will be built directly next to a Penny supermarket that is already part of Trei’s portfolio. Together, the two retail properties comprise a lettable area of 3,300m², with the Vendo Park accounting for 1,800m² and Penny-Markt accounting for 1,500m² thereof. The amount that Trei invested in both assets totalled €4.1m.
Pepijn Morshuis, CEO of Trei Real Estate, commented: “The Czech Republic is one of the most important markets for expanding our retail real estate portfolio in Central and Eastern Europe, second only to Poland. As a property type, Vendo Parks has proven sustainable. This is demonstrated not least by the fact that leases for all of the premises are already in place as we are about to start the actual construction work. The development in Mnichovo Hradiste brings us one step closer to our goal of operating around 50 retail parks in Poland, the Czech Republic and Slovakia.”