Ærium, the pan-European Fund Manager has completed the sale of Kralovo Pole Shopping Centre in Brno, Czech Republic to CPI Property Group, a real estate investment company operating in Central and Western Europe. The purchase price was undisclosed.
Built in 2004, Kralovo Pole Shopping Centre comprises of a two-level gallery with 78 shops and a food court, providing a total of 26,500 m² GLA together with 900 parking spaces. The shopping centre is anchored by a Tesco Hypermarket. Kralovo Pole is the leading shopping centre in the North of Brno, benefitting from a catchment of 250,000 inhabitants within 20 minute drive time and with above average purchasing power.
Charles Edouard Castella, Executive Director of Ærium, said: “Aerium is thrilled to bring to the market an exceptional investment proposition. Having executed successfully our active value-add asset management programme, we are handing over Kralovo Pole Shopping Centre in prime condition to CPI Property Group. This unique asset benefits from an exceptional covenant providing long-term stable income as well as a building permit for a further 12,000 m² GLA expansion. We look forward to seeing the centre continue to prosper for years to come.”
Tomáš Salajka, Director of Acquisitions, Asset Management & Sales, CPI Property Group, said: ‘The acquisition of Kralovo Pole Shopping Centre will boost the total number of the shopping centres in our portfolio to 21. We are well prepared to integrate the new asset into our management and to work on long term strategies enabling us to remain fully competitive in the current and future environment’.
Peter Wojtusiak, Associate Director, Investment Properties, CBRE, said: “We are delighted to have represented Ærium on the sale of Kralovo Pole Shopping Centre and in achieving a great outcome for both parties. CPI Property Group has acquired an excellent income-producing shopping centre from Ærium in the Brno market with the added advantage of further expansion and refurbishment which once realised will further enhance the shopping centre’s position.”
CBRE advised Aerium on the sale of the asset.
