Iain Fanthorpe, Bluehouse: “The sale of Korso Karvina was the result of accomplishing the objectives of our business plan which was to build upon the shopping centre’s strong fundamentals and reposition it as a modern retail destination suitable for longer-term investors seeking well-performing and stabilized assets. We are proud to hand over Korso Karvina to its new owners and on to its next chapter."
Bluehouse bought Korso Karvina in 2017. The company was advised by Cushman & Wakefield on both occasions: during the initial purchase and the asset disposal. Over the last three years, Bluehouse archived a successful improvement in the tenant mix and an increase in the centre’s performance. It was completely redeveloped and revitalised, including reconstruction of the Albert hypermarket and most tenants’ shops.
Michal Sotak, Partner and Head of the Capital Markets team in the Czech Republic at Cushman & Wakefield, said: “Bluehouse bought Korso Karvina shopping centre with the intention to maximally utilize its potential and significantly increase its value. Thanks to quality revitalisation and a new letting strategy, it succeeded, the sale of the centre now being another natural step of the investor’s plan. The transaction proves the great interest in all types of commercial properties on the very stable Czech market, where investors would like to apply their accumulated capital. After a period of uncertainty caused by the covid-19 crisis, they now return to retail projects with optimism."
Vladan Kubovec, Portfolio Manager, Conseq Realitní, commented: “Conseq considers investing in retail asset from long term perspective and the acquired shopping centre Korso Karvina represents an excellent addition to the fund Conseq Realitní. Korso Karviná is the first shopping centre in our portfolio. Together with our advisors, we have carefully analyzed many investment opportunities, where the centre refurbished by Bluehouse was selected as the best choice because of location and tenant mix. This relatively quick transaction improves the asset quality of Conseq Realitní.”