Pricoa buys retail objects in Central Europe

The Swedish real estate company Skanska has sold four newly developed larg scale retail objects in Central Europe for the amount of € 51.6 mln. The buyer is an international real estate fund which is managed by the English Pricoa Investment Management Limited, part of Prudential Financial Inc.

During the transaction Cushman & Wakefield Healey & Baker (C&W/H&B) advised Skanska. The transaction took place against an initial return on investment of almost 9%. The four objects, two in Budapest and two in Prague, have a total lettable surface of 36.000 m² and are completely let. Electro World, subsidiary company of the English retailer Dixons Group, realises 70% of the let return.

According to Stephen Screene, Investment Partner at C&W/H&B, more and more international investors are showing interest in retail investments in the Central European market over the last 18 months. ‘The gdv/pdv sector is relatively new here and fast growing so it can count on a lot of attention’, according to Screene.

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